Latest news with #Rs1.94
Express Tribune
6 days ago
- Business
- Express Tribune
RDA blames ex-officers for Rs1.94b scam
The Rawalpindi Development Authority (RDA) has held a retired Director of Administration and Finance, a late Deputy Director of Finance, and a retired Assistant Director of Finance responsible for a mega financial scandal amounting to Rs1.94 billion. The authority has formally referred the matter to the Anti-Corruption Establishment (ACE), the National Accountability Bureau (NAB), and the Federal Investigation Agency (FIA) for action and recovery of losses. According to an official statement issued by the RDA Director-General, Kinza Murtaza, serious irregularities have been identified in the financial records of the authority, causing substantial loss to the public exchequer. The individuals allegedly involved include the retired Director of Admin and Finance, the late former DD of Finance, and the retired AD of Finance. The DG emphasised that recovering the financial losses resulting from this corruption is imperative. She noted that legal recovery of the amounts due is possible within the framework of the law, including through attachment and confiscation of properties and assets. Citing relevant legal provisions, she referenced section C-33 of the National Accountability Ordinance, 1999 for recovery of embezzled funds, sections 12 and 15 of the NAB Ordinance for freezing and confiscating assets, section 50 of the Code of Civil Procedure, 1908 (CPC) for recovery of civil liabilities from the estate of a deceased person, and Order XXII Rule 4 of the CPC to initiate legal proceedings against legal heirs after the death of an accused. Murtaza has formally written to the NAB Rawalpindi, FIA, and ACE Rawalpindi, urging swift recovery of the embezzled amount. Talking to The Express Tribune, sources revealed that senior officials, who served as DGs or Directors of Admin and Finance in the RDA over the past nine years, and who held signatory authority over financial matters, might also face action from NAB, FIA, and the ACE for failing to ensure transparency. Meanwhile, the official residence of the late DD Finance was sealed in Civil Lines in the nine-year-old mega corruption scandal in the Authority. Despite 236 suspicious transactions involving the RDA's National Bank of Pakistan (NBP) account, transfers were made to eight companies and 12 individuals and the RDA's financial discipline remained silent, the sources added. It is still to be determined which officials received vehicles in exchange for an Rs110m payment made to a car showroom. Separate payments of Rs175.7 million, Rs339.44m, Rs161.412m, Rs264.45m, Rs393.16m, and Rs74,25m were paid to several companies and individuals. Meanwhile, a probe committee appointed by the RDA DG says it is not currently in a position to identify the primary culprit behind the fraud.
Express Tribune
25-05-2025
- Business
- Express Tribune
RDA scam sparks NAB probe
An alleged embezzlement scandal involving Rs1.94 billion in the Rawalpindi Development Authority (RDA) has raised serious questions about negligence and misconduct by top officials over the past nine years. According to sources, the scandal reportedly implicates former and current director generals and directors of administration and finance, all of whom had signatory authority over the RDA's financial affairs. The matter has now been transferred to the National Accountability Bureau (NAB) via the Punjab Anti-Corruption Establishment for further investigation. According to sources, over the last nine years, payments amounting to nearly Rs1.94 billion were made from RDA's bank accounts to fictitious companies posing as registered vendors. These transactions were conducted through Call Deposit Receipts (CDRs), with around 21 transactions linked to eight companies and thirteen individuals. Standard operating procedures (SOPs) for financial dealings within the RDA were reportedly ignored, and the signatory authority granted to the director general and director admin & finance was misused. Meanwhile, the responsible authorities failed to monitor bank account activity or audit financial records held both in RDA offices and in the respective banks. Following the revelation, NAB has started collecting relevant documents from the RDA and corresponding banks. Letters have also been sent to the private banks involved, requesting transactional records. This has created a troubling situation for all individuals who held the roles of director general or director admin & finance during the past nine yearswhether in service or retired. Questions are being raised as to why they failed to oversee the issuance of CDRs, track their reference letters, and review how funds were funnelled to various companies and individuals. According to sources, investigations aim to identify the public officials, fake companies, and individuals involved in the scam, with the ultimate goal of recovering the embezzled public funds. Legal action is expected against those who received payments either as company representatives or in a personal capacity. On the other hand, the RDA has prepared a proposed Annual Development Plan (ADP) for the fiscal year 2025-26. The plan, which awaits final approval from the Punjab government, includes major infrastructure initiatives under the "Urban Development Package" and "City Development Package." The proposed projects consist of three underpasses, one flyover, a multi-storey parking plaza, and several road infrastructure schemes. Each development initiative has been recommended by the respective members of the national and provincial assemblies.
Express Tribune
22-05-2025
- Business
- Express Tribune
RDA sends corruption case to anti-graft body
A financial scandal involving alleged embezzlement at the Rawalpindi Development Authority (RDA) has expanded in scope, with the misappropriated amount now estimated at Rs1.94 billion, up from an earlier Rs1.64 billion. In response, RDA Director General Kanzeh Murtaza has referred the case to the director general of Punjab's Anti-Corruption Establishment for investigation. The alleged scam is believed to have stemmed from weak financial discipline and a lack of oversight from authorised officials over the past decade. According to sources, since fiscal year 2016-17, funds received by the RDA from the Metro Bus Project and other sources were reportedly disbursed via Call Deposit Receipts (CDRs) to various companies and fictitious vendors. The issue came to light roughly two weeks ago when a discrepancy in the RDA account balance prompted an internal review. Following this, an inquiry committee was established by the RDA DG. The committee was able to retrieve some records from a single bank but faced obstacles in obtaining documentation from other private banks. Attempts to register a First Information Report (FIR) at city police Station were unsuccessful, with police citing jurisdictional limitations. Consequently, a formal reference was submitted to the Punjab Anti-Corruption Establishment. Sources suggest that the involvement of private banks and the large scale of the embezzlement - approaching Rs2 billion - could lead to the case being forwarded to the Federal Investigation Agency (FIA) or the National Accountability Bureau (NAB).
Business Recorder
20-05-2025
- Business
- Business Recorder
Samba Bank appoints Rashid Jahangir as acting president & CEO
The Board of Directors of Samba Bank Limited (SBL) has approved the appointment of Rashid Jahangir as acting president and Chief Executive Officer (CEO) of the bank. His appointment will be effective from May 22, 2025, 'till the time permanent president & CEO is appointed in due course,' the bank wrote in a notice to the Pakistan Stock Exchange (PSX) today. Before, Jahangir was holding the position of Deputy CEO of Samba Bank. As per Samba's latest financial results, the bank posted a decline of 53% in its profit-after-tax (PAT) for the quarter ended March 31, 2025, against the profit it made during the same period the previous year. SBL recorded a PAT of Rs166.85 million in Jan-Mar 2025, against Rs358.68 million in Jan-Mar 2024. SBL total income declined 10% to Rs1.94 billion in Jan-March 2025 from Rs2.18 billion in the same period last year.
Express Tribune
20-02-2025
- Business
- Express Tribune
Peshawar's Arbab Niaz Stadium to be renamed after Imran Khan
Listen to article The Khyber-Pakhtunkhwa (K-P) government has decided to rename the Arbab Niaz Cricket Stadium in the provincial capital after former prime minister and PTI founder Imran Khan. According to Express News, the provincial sports department has prepared a summary proposing the stadium be renamed "Imran Khan Cricket Stadium." The renaming proposal is set to be presented at the cabinet meeting tomorrow, where it is expected to receive approval. Meanwhile, the stadium's construction costs have surged significantly over the years. Initially estimated at Rs1.37 billion in 2018, the cost increased to Rs1.94 billion by 2021 and has now reached Rs2.31 billion in 2024.
