Islamabad - The National Accountability Bureau (NAB) Rawalpindi has arrested three fraudsters who collected Rs 72 million from the people in the name of investment in Gwadar City Centre.

Gwadar City Centre was a proposed shopping mall project in Gwadar which was never materialised and Gwadar Development Authority had also cancelled its NOC. 

According to details, the NAB Rawalpindi received several complaints from general public at large against accused persons Azhar Mehmood Awan, Imtiaz Ahmad and Rizwan Akbar Mughal.  It was alleged that the said accused persons have collected money from people on the pretext of investment in so-called business of property with commitment to pay handsome return on said investment, which they have not honoured. Moreover, no profit was paid to the affectees. The accused had also given fake allotment letters to some of the complainants of Gwadar City Centre.

The accused and their company never owned the proposed land of the project. The huge amount was received by accused person to be invested in the property development and as such agreements were executed between complainants and all three accused. Some complainants who deposited the funds for investment purposes received profit for some time; however the accused later on failed to pay not only profit but also defaulted to pay back the principal amount. The other complainants who invested with a hope of owning a commercial property were also left empty handed.

The accused were produced before a local accountability court. The court granted physical remand of 14 days of the accused to NAB.