PESHAWAR – The National Accountability Bureau (NAB) has launched a formal investigation into alleged “Kohistan mega corruption scandal” involving Rs40 billion, which is being dubbed as one of the largest financial frauds in the province’s history.
The decision was made after it recovered and froze assets valued at Rs25 billion as new details, images, and videos of seized luxury vehicles and properties come to light.
Reports said NAB Khyber Pakhtunkhwa has so far frozen and recovered assets valued at approximately Rs25 billion. These include:
77 luxury vehicles, worth an estimated Rs940 million, including one famously featured in a well-known Pakistani drama serial.
Over Rs1 billion in cash, as well as large amounts of foreign currency.
More than 3 kilograms of gold seized from suspects.
73 bank accounts holding more than Rs5 billion have been frozen.
109 real estate properties confiscated across several cities including Islamabad, Rawalpindi, Peshawar, Abbottabad, and Mansehra. These assets comprise:
30 houses
25 apartments and penthouses
4 farmhouses
12 commercial plazas
12 shops and food courts
2 commercial plots
175 kanals of agricultural land
The estimated value of the real estate assets alone is around Rs17 billion.
NAB officials disclosed that this sophisticated fraud involved a well-orchestrated network of government officials, corrupt contractors, complicit bankers, and other accomplices.
The accused exploited administrative loopholes and executed the embezzlement with remarkable boldness, siphoning off billions without triggering alarms from financial watchdogs.
In a significant breakthrough, NAB has arrested contractor Muhammad Ayub, who allegedly received over Rs3 billion in illicit transfers.
Reports suggested that multiple arrests of prominent figures are expected within the next 24 to 48 hours, as preparations for the next phase of the operation are underway.
