NAB compensates victims of Omega Residencia

The National Accountability Bureau (NAB) has distributed approx. Rs. 145 million among the 500 affectees of the Omega Residencia scam. The payment is only the first phase of the compensation for affectees with more compensation to follow.

The society, was located near Sharaqpur Road, Lahore close to the Faizpur Interchange for Lahore motorway and was being developed by Omega Developers. The developers sold hundreds of plot files to investors but never received a No Objection Certificate (NOC) from Lahore Development Authority (LDA). Furthermore, they sold files for plots that exceeded the land bank of the society, which indicated presence of fake files. In addition, there were map alterations without authorization from investors and investors were denied possession of plots despite clearing all dues. All this led to public outcry.

Mounting public pressure led to NAB getting involved in mid-2023. It froze assets of developers and seized their properties after investigating the investors’ claims. The case has dragged on till date when NAB finally began the process of reimbursing the victims of the scam.