In a major accountability milestone, the National Accountability Bureau (NAB) here on Tuesday handed over the recovered assets worth more than Rs. 6 billion to the Government of Khyber Pakhtunkhwa, marking the first phase of asset recovery from one of Pakistan’s largest-ever financial fraud investigations involving the misappropriation of public funds in Upper Kohistan.
At a formal ceremony in Peshawar, NAB Chairman, Lt. Gen. (Retd.) Nazir Ahmad transferred the recovered assets to the Chief Secretary of Khyber Pakhtunkhwa. The assets form part of a broader recovery effort arising from a large-scale corruption investigation conducted by NAB Khyber Pakhtunkhwa, which uncovered the alleged embezzlement of more than Rs. 37 billion from the public exchequer over nearly a decade.
Addressing the ceremony, Director General NAB, Khyber Pakhtunkhwa, Farmanullah said that the recovered assets handed over in the first phase included cash holdings, precious metals, luxury vehicles, and high-value commercial and residential properties identified during the course of the investigation. The DG NAB Khyber Pakhtunkhwa stated that additional recoveries are expected in the coming months as legal proceedings continue and further assets are realized.
He described the case as a significant example of the institution’s commitment to accountability and the protection of public resources adding the recovery demonstrated that even highly complex financial crimes could be effectively investigated through professional and evidence-based accountability mechanisms.
“The recovery of these assets reflects our commitment to ensuring that public resources are protected and restored for the benefit of citizens,” he said, while emphasizing NAB’s resolve to pursue corruption cases through transparent and lawful processes.
The Upper Kohistan investigation was formally authorized by the NAB Chairman in April 2025 and was subsequently pursued by NAB Khyber Pakhtunkhwa under the supervision of Director General NAB KP, Farmanullah, with the assistance of a Combined Investigation Team (CIT). Investigators uncovered a sophisticated network responsible for the unlawful withdrawal and diversion of public funds through manipulation of treasury instruments and abuse of official financial procedures. According to NAB, the fraud centered on fraudulent withdrawals from Head of Account G-10113 in District Upper Kohistan. NAB’s inquiry established that more than Rs. 37 billion had been unlawfully extracted through systematic manipulation of government financial mechanisms over a period spanning nearly ten years.
The DG NAB, Khyber Pakhtunkhwa said that one of the most significant breakthroughs came when investigators identified a bank account allegedly operated by Mumtaz Khan, which NAB believes served as a major channel for the movement of illicit funds. Financial records examined during the investigation reportedly revealed transactions amounting to approximately Rs. 17 billion through the account within a relatively short period. He added that timely intervention by the bureau enabled investigators to freeze substantial amounts of money and prevent further dissipation of public assets.
Providing details of the recovery process, Farmanullah said that more than Rs. 27 billion worth of assets have so far been frozen under its authority, while assets valued at over Rs. 10 billion have been recovered through plea bargain arrangements and other legal mechanisms.
He also released a recovery overview showing:
- Total amount traced during the investigation: over Rs. 37 billion.
- Assets frozen under NAB authority: more than Rs. 27 billion.
- Assets recovered through plea bargains: over Rs. 10 billion.
- Assets transferred to the KP government in Phase I: more than Rs. 6 billion.
For his part, NAB Chairman, Lt. Gen. (Retd.) Nazir Ahmad commended the performance of the investigation team and praised 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 capability of accountability institutions to identify, trace, and recover assets derived from corruption and financial crimes. He further noted that the successful recovery sent a clear message that public resources are a national trust and that every effort would be made to protect them from misuse.
Nazir Ahmad stated that NAB is an apolitical institution committed to across-the-board accountability and the rule of law. He emphasized that the Bureau would continue pursuing corruption cases without discrimination and would not allow any corruption-related crime to go unchecked. “We are an apolitical institution and work across the board. We will not let any corruption-related crime go unnoticed or unpunished. Accountability will continue indiscriminately and strictly in accordance with the law,” he said.
The Chairman further stressed that the fight against corruption is a collective national responsibility and cannot be won by NAB alone. “NAB alone cannot fight the war against corruption. The entire nation must join hands with NAB in the fight against corruption. Only through collective efforts can we safeguard public resources and ensure transparency, accountability, and good governance,” he added.
NAB emphasized that the recovery operation remains ongoing and that substantial assets remain under freezing orders pending completion of legal requirements. Officials indicated that preparations have already begun for the next phase of asset realization and transfer. According to the bureau, once the necessary legal formalities are completed, additional recovered assets will be returned to the Government of Khyber Pakhtunkhwa to ensure that public funds are restored to their intended purpose of serving citizens.
The Upper Kohistan case is regarded as one of the largest financial fraud investigations undertaken by NAB in recent years and is expected to remain a major accountability proceeding as efforts continue to trace, recover, and repatriate assets allegedly obtained through corruption and financial misconduct. The investigation involved extensive financial tracing, forensic analysis, and examination of banking records. NAB officials said investigators scrutinized more than 1,500 bank accounts while tracing complex money trails linked to the alleged fraud. The inquiry also identified numerous assets allegedly acquired through proceeds generated from the misappropriated public funds.
