An accountability court here on Tuesday granted 14-day physical remand of real estate tycoon and Ali Associates Managing Director Sheikh Shahid Jamal in a case pertaining to Rs7.71 billion fraud.
The corruption watchdog arrested the accused last night on a complaint against the owners of a housing scheme in Multan. A NAB team produced him before the court to obtain his remand today.
Meanwhile, a team of the bureau raided Jamal’s residence to look for 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.