The National Accountability Bureau (NAB) has handed over recovered assets worth more than Rs6 billion to the Government of Khyber Pakhtunkhwa in the first phase of asset recovery linked to one of Pakistan’s largest financial fraud investigations involving the alleged misappropriation of public funds in Upper Kohistan. At a ceremony held in Peshawar, NAB Chairman Nazir Ahmad formally transferred the recovered assets to the provincial chief secretary.

At a ceremony held in Peshawar, NAB Chairman Nazir Ahmad formally transferred the recovered assets to the provincial chief secretary.

The handover forms part of an ongoing recovery process stemming from an investigation into the alleged embezzlement of more than Rs37 billion from the national exchequer over nearly a decade.

According to NAB, the assets transferred in the first phase include cash holdings, precious metals, luxury vehicles, and high-value residential and commercial properties identified during the investigation.

Director General NAB KP, Farmanullah, said additional recoveries are expected in the coming months as legal proceedings continue, and more assets are realized.

The investigation, authorized in April 2025, uncovered what NAB described as a sophisticated network involved in the unlawful withdrawal and diversion of public funds through the manipulation of treasury instruments and abuse of official financial procedures.

Investigators found that the alleged fraud centered on withdrawals from Head of Account G-10113 in Upper Kohistan. NAB concluded that more than Rs37 billion had been extracted through the systematic misuse of government financial mechanisms over a period of nearly 10 years.

Farmanullah said one of the breakthroughs in the case came when investigators identified a bank account allegedly operated by Mumtaz Khan, which NAB believes served as a key channel for moving illicit funds.

Financial records examined during the probe reportedly revealed transactions totaling approximately Rs17 billion through the account within a relatively short period.

He added that timely intervention by NAB enabled investigators to freeze substantial amounts of money and prevent further dissipation of public assets.

According to the bureau, assets worth more than Rs27 billion have been frozen so far, while over Rs10 billion has been recovered through plea bargains and other legal mechanisms.

Of the recovered amount, assets worth more than Rs6 billion have now been transferred to the provincial government in the first phase of recovery.

Speaking at the ceremony, NAB Chairman Nazir Ahmad praised the performance of the investigation team and commended the leadership of DG NAB KP Farmanullah and members of the Combined Investigation Team for conducting what he described as an extensive and highly complex financial investigation.

He said the case demonstrated the ability of accountability institutions to identify, trace, and recover assets derived from corruption and financial crimes. He added that the successful recovery sends a clear message that public resources are a national trust and that every effort will be made to protect them from misuse.

📢 For the latest General & Pakistan news and analysis join ProPakistani's WhatsApp Group now!

Follow ProPakistani on Google News & scroll through your favourite content faster!