ISLAMABAD: The National Accountability Bureau (NAB) has returned over Rs6 billion to the Khyber Pakhtunkhwa government in a multi-billion-rupee fraud case in Upper Kohistan.
An inquiry authorised by NAB in April 2024 revealed large-scale misappropriation of public funds in Upper Kohistan.
Investigators established that more than Rs37bn had been embezzled through manipulation of treasury instruments and misuse of official financial procedures over nearly a decade.
The funds were recovered following an extensive investigation by NAB’s KP director general and a Combined Investigation Team (CIT).
At a ceremony, NAB Chairman Lt-Gen (retd) Nazir Ahmad formally handed over the recovered funds to the KP chief secretary, marking the first phase of a broader recovery process.
The assets handed over to the provincial government include cash holdings, precious metals, high-value commercial and residential properties and luxury vehicles identified during the investigation.
Addressing the ceremony, the NAB chief praised the investigators’ professionalism and dedication, deeming the case a significant example of the anti-graft body’s institutional resolve against corruption.
“This investigation demonstrates that complex financial crimes can be effectively detected, investigated, and prosecuted through professional, evidence-based accountability mechanisms,” he said.
“The recovery of these assets reflects our commitment to ensuring that public resources are protected and restored for the benefit of citizens.”
Ahmad further acknowledged the leadership of the NAB KP for conducting an extensive financial investigation that resulted in substantial recoveries and the identification of assets linked to the alleged fraud.
Through advanced financial tracing, forensic analysis, and coordinated investigative efforts, NAB KP successfully identified complex money trails, scrutinised over 1,500 bank accounts and traced assets allegedly acquired illegally.
A major breakthrough was achieved when investigators uncovered a key account of government contractor Mumtaz Khan allegedly used to channel illicit funds.
Financial records revealed transactions amounting to approximately Rs17bn through the district accounts office within months. Intervention by NAB KP resulted in the freezing of funds and prevented further misappropriation of public assets.
The investigation resulted in significant recoveries, including assets surrendered through plea bargains and the freezing of assets linked to the alleged fraud.
NAB said the total amount traced during the investigation exceeded Rs37bn, with the bureau freezing assets worth over Rs27bn. Assets recovered through plea bargains were worth over Rs10bn.
In March this year, an accountability court in KP approved a plea bargain of Rs49.125 million for an accused in the high-profile case. Judge Mohammad Zafar ordered the release of accused Jibran Malik, the owner of a construction firm, if he was not required in any other case.
