ISLAMABAD: The National Accountability Bureau (NAB), Islamabad/Rawalpindi, has recovered Rs1 billion in a major financial fraud case involving the ISMMart Group and distributed Rs600 million among 3,400 affectees in the first phase.
According to NAB officials, the management of ISMMart Group lured the public by offering unrealistic profits through fake businesses operating under the guise of e-commerce, restaurants, and real estate. Through these fraudulent schemes, the group allegedly collected billions of rupees from unsuspecting investors.
Around 3,400 victims had approached NAB, with the total estimated amount of fraud reaching approximately Rs3.5 billion. The principal accused has been in NAB custody since July 2024, while investigations are progressing swiftly in accordance with legal requirements.
The NAB investigation team traced funds transferred abroad to the United Arab Emirates (UAE) through hundi, hawala and cryptocurrency channels. Cooperation with the UAE authorities was underway to ensure the repatriation of remaining funds.
The distribution ceremony was held at the NAB headquarters and presided over by Chairman NAB Lt. Gen. (retd) Nazir Ahmed. Deputy Chairman Sohail Nasir, Prosecutor General Ihtesham Qadir Shah, Director General NAB Islamabad/Rawalpindi Waqar Ahmed Chauhan, senior NAB officers and a large number of victims attended the event.
During the ceremony, the chairman distributed shields among members of the NAB Islamabad/Rawalpindi investigation team and announced Umrah packages for them in recognition of their outstanding performance.
