By Our Correspondent
LAHORE: National Accountability Bureau (NAB) Chairman Lieutenant General (retd) Nazir Ahmed on Monday announced tougher accountability measures against fraud and financial crimes, saying individuals accused of deceiving the public would face increased public exposure through newspaper advertisements carrying their photographs.
Speaking at an event in Lahore, the NAB chairman said the bureau was focused on practical reforms rather than symbolic agreements and stressed that accountability efforts would increasingly target financial fraud and property-related scams.
Addressing concerns of the business community, Nazir Ahmed said entrepreneurs and investors had historically not been given the importance they deserved despite their contribution to the national economy. He revealed that approximately 20 cases related to chambers and business forums were brought before NAB, adding that 19 of those cases had already been resolved.
The chairman also outlined a series of reforms aimed at restructuring Pakistan’s real estate sector, which he described as vulnerable to fraud and manipulation.
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According to him, future property transactions would be streamlined to involve only three parties, while cash-based transactions would eventually be phased out to improve transparency and reduce illegal practices.
He further claimed that the traditional property file system would gradually lose significance within the coming months, adding that every plot would be assigned a barcode-based identification number to prevent fraudulent transactions and duplication.
“All approvals related to real estate will be available under one roof,” he said, adding that a NAB representative at director level would also become part of the regulatory framework overseeing the sector.
During his speech, Nazir Ahmed alleged that a significant portion of land connected to Lahore’s Ring Road project involved government land that was first transferred to private ownership before being reacquired.
He also expressed confidence that Punjab had the potential to generate an economy worth nearly $18 billion if reforms were effectively implemented.
Reiterating his stance against fraudsters, the NAB chairman said individuals involved in cheating the public would face stronger consequences, including public identification through newspaper advertisements.
He also made major claims regarding recoveries made under NAB’s accountability efforts, stating that the bureau had recovered Rs15 trillion during the past three years.
“Between 1999 and 2023, recoveries remained around Rs880 billion, but over the last three years we increased this figure to Rs15 trillion,” he said.
Criticizing what he called the “real estate mafia,” Nazir Ahmed said individuals exploiting loopholes in the system deserved strict punishment and warned that accountability institutions would continue pursuing such elements.
His remarks come as debate continues over transparency reforms, property regulation and broader accountability measures aimed at strengthening investor confidence and reducing financial fraud in Pakistan.
