Bank Alfalah Society Lahoreis a SCAM
Bank Alfalah Society Lahore is a SCAM already reported to Chief Justice and NAB where Bank Alfalah top executives has looted Rs 4-8 Billion collected from employees of Bank Alfalah, Warid and Wateen. There are 1860 affectees who booked 2600 plots hoping plots would be located at
location adjacent to Adalia drain opposite DHA Phase 1X & X. Fraudulently Bank executives bought land in their own name and sold it to Bankers Society at Rs 55 Lakhs/Acre making Rs 4-6 Billion profit. When enployees started asking questions in 2007 after 3 years of giving money the Bank Executives transferred 576 Acres of their personal land bought for their own agriculture use along BRB Kanal at Rs 3-4 Lakh/Acre to society at Rs 29 Lakh/Acre embezzling 1.7 Billion Rupees. The land can only be used for agriculture and has no permission from Army or LDA to built any kind of society as it is just 6 Km from border. The scam is headed by Perviz Shahid- Co Chairman Bank Alfalah, Shakil Sadiq (COO-Bank Alfalah),along with Bashir Tahir-CEO of Dhabi Group, Talib Rizvi-, Adil Rashid, Bakhtiar Ahmed, Saleem Akhtar-CEO, Shahid Murtaza, Arfa Malik and others as executive members, and three brothers of Pervez A Shahid.
The Bank Executives are distancing themselves from the scam after 7 years of deceit and zero development.
Mr. Ijaz Farooq the President of Society is also the Executive Incharge of Alfalah Islamic Bank, and management commitee includes Bakhtiar Khawaja, Talib Rizvi and 6 others.
Bank Alfalah after 7 years is trying to deny their relationship with Society, but the entire management since the society was formed is Bank Alfalah. In byelaws of society it is stated that you cannot be a member of management if you are not a Bank Alfalah executive.
People are now awaiting how Chief Justice and NAB will help the 1860 people.