Islamabad:The Joint Investigation Team (JIT) has uncovered serious irregularities, manipulation, and fraud in the One Constitution Avenue project in Islamabad, as revealed by Planning Minister Ahsan Iqbal during a news conference. He was accompanied by Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Interior Talal Chaudhry.
According to Radio Pakistan, the JIT, which included representatives from NAB, FIA, FBR, SECP, IB, and ISI, conducted a thorough investigation and submitted its findings to the Federal Cabinet. The Cabinet approved the recommendations made by the JIT.
The Planning Minister indicated that the project's bidding and auction processes were manipulated to favor a particular party and that the company awarded the lease was not eligible. The Capital Development Authority (CDA) was implicated in these irregularities, including the removal of a bank guarantee requirement to benefit the developer. Furthermore, apartments were sold illegally, despite the project's original approval as a five-star hotel.
The JIT identified Abdul Hafeez Sheikh as the mastermind behind the scheme, alongside several CDA officials, including the former CDA Chairman Kamran Lashari. The irregularities resulted in losses to the national treasury and defrauded Pakistani citizens of their savings.
Recommendations from the JIT included blacklisting Abdul Hafeez Sheikh and his company from future public-sector projects, legal action against those responsible, a review of the project to restore its original purpose, and a fresh transparent auction. It also proposed renaming the project, ensuring security clearances, implementing fire safety protocols, and creating a framework to prevent future irregularities.
The government plans to compensate affected investors by refunding their principal amounts with interest as per the KIBOR rate. The report suggests reviewing the CDA Ordinance and establishing an independent Master Plan Commission for enhanced oversight. It also recommends digitizing records and introducing a rotation policy for officers to avoid vested interests, alongside engaging third-party experts for audits and contract matters.
NAB has been directed to conduct comprehensive investigations into individuals identified in the JIT report and to take legal action against those found responsible, including any facilitators.