Ashiana Housing scandal: NAB arrests brothers of Paragon city's CEO

02:55 PM | 11 May, 2018
Ashiana Housing scandal: NAB arrests brothers of Paragon city's CEO
LAHORE - In a major development in Ashiana Housing scandal, National Accountability Bureau (NAB) on Friday arrested two brothers of Paragon city Chief Executive Officer (CEO) Nadeem Zia.

The anti-graft watchdog has arrested Muneer Zia and Umar Zia after the investigation in the land scam was extended, local media reported.

Umar Zia is a member of the Paragon's board of directors, while Munir Zia is a partner of Shahid Shafiq, who is CEO of Bismillah Engineering Services, allegedly involved in taking the contract of Ashiana Housing Scheme on fake documents inflicting a damage on national exchequer.

The accountability watchdog had launched an investigation against the officials of the Punjab Land Development Company (PLDC), higher-ups of Lahore Casa Developers and officers of the Lahore Development Authority (LDA) after the government cancelled the award of the Ashiana-e-Iqbal housing scheme contract to the successful bidder M/S Chaudhry Latif and Sons.

The award was then given to M/S Lahore Casa Developers (JV) which is a proxy group of M/S Paragon City (Pvt) Limited (believed to be developed by Railways Minister Saad Rafique) hence causing a loss of millions of rupees to the exchequer, according to the graft-buster.

Shafiq's company was part of the joint venture Lahore Casa Developers that NAB has said was ineligible to receive the contract worth Rs14 billion and he was arrested on the identification of Ahad Cheema.

On Feb 21, the NAB has arrested former director-general of LDA Ahad Cheema following the charges of illegally allotting 32 kanal land in Ashiana Housing Scheme.

Ahad Cheema, who is still in custody, was then the chief executive officer of the Punjab Thermal Power Ltd when he was arrested under NAB ordinance’s schedule-2 as the former LDA boss did not appear before it when summoned on January 16.

A NAB spokesperson stated on Sunday that, in 2015, former LDA director general Ahad Cheema, who is now in NAB custody, had misused his authority with criminal intent to award a contract to Bismillah Engineering —a C-4 company, ineligible for the contract.

Bismillah Engineering was only eligible to receive contracts up to 150 million rupees and Cheema caused a loss of 455 million rupees to the national exchequer, said the official.


Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94


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