LAHORE - An accountability court on Friday handed over Hammad Arshad, owner of Globaco (Pvt) Ltd, to National Accountability Bureau (NAB) on one-day remand in a Rs 16 billion DHA City (Lahore) scam.
Earlier, the NAB officials produced the accused before Accountability Court Judge Abdul Sattar and requested the court to grant physical remand of the accused for investigation.
However, the court granted only one-day remand of the accused and directed officials to produce the accused again on Saturday. The NAB arrested Hammad on charges of corruption and cheating people, on Thursday. The accused offered his service and executed an agreement with DHA EME (Lahore) in November 2009 wherein parties agreed to develop DHA City on land measuring 25,000 kanals.
His company -Globaco – was assigned the responsibility to acquire the required land but he failed to honour the agreement. Instead of having purchased the land agreed upon by the parties, he purchased only 13,103 kanals and that too in scattered form.
He issued allotment letters and collected money from the general public to the tune of Rs 15.47 billion. Later, Arshad transferred the money to his personal accounts and used it for his personal gains and invested in other business ventures, NAB alleged.