Court extends real estate tycoon's remand in fraud case

MULTAN: An accountability court here on Tuesday extended the physical remand of real estate tycoon and Ali Associates Managing Director Sheikh Shahid Jamal in a case pertaining to alleged Rs7.71 billion fraud.

National Accountability Bureau (NAB) officials presented the suspect before the court on completion of his physical remand and requested an extension in his remand for further questioning.

The court, granting the request for remand extension, handed over Jamal to the bureau for another 12 days.

The corruption watchdog had arrested the accused last month on a complaint against the owners of a housing scheme in Multan.

Subsequently, a team of the bureau raided Jamal’s residence and reportedly collected evidence in connection with the fraud.

According to a spokesperson for the NAB, the bureau had search warrants for the purpose.

Shahid Jamal has been accused of cheating people by launching illegal housing projects.

The NAB is currently investigating five illegal housing projects, involving approximately Rs7.71 billion.