PESHAWAR, June 2, 2026 — The National Accountability Bureau (NAB) has handed over assets worth more than Rs6 billion to the Khyber Pakhtunkhwa government in the first phase of recoveries linked to the Upper Kohistan financial fraud case, one of Pakistan’s largest corruption investigations in recent years.
The assets were formally transferred during a ceremony in Peshawar by NAB Chairman Lt Gen (Retd) Nazir Ahmad to the Chief Secretary of Khyber Pakhtunkhwa. According to NAB, the recovery is part of an ongoing investigation into the alleged embezzlement of more than Rs37 billion in public funds over nearly a decade.
Officials said the recovered assets include cash holdings, precious metals, luxury vehicles, and commercial and residential properties identified during the investigation. Additional recoveries are expected as legal proceedings continue and more assets are realized.
Investigation into alleged Rs37 billion fraud
Director General NAB Khyber Pakhtunkhwa Farmanullah said the investigation uncovered a network allegedly involved in the unlawful withdrawal and diversion of government funds through manipulation of treasury instruments and financial procedures. The inquiry focused on fraudulent withdrawals from Head of Account G-10113 in Upper Kohistan district.
According to NAB, investigators traced more than Rs37 billion that was allegedly extracted from the public exchequer through systematic manipulation of government financial mechanisms over a period of nearly 10 years.
The bureau said a major breakthrough came after investigators identified a bank account allegedly operated by Mumtaz Khan, which was believed to have been used to move large amounts of illicit funds. NAB stated that financial records showed transactions of approximately Rs17 billion through the account within a relatively short period.
Assets frozen and recovered
NAB said it has frozen assets worth more than Rs27 billion under its authority, while recoveries exceeding Rs10 billion have been made through plea bargains and other legal mechanisms.
According to the recovery overview released by the bureau:
- Total amount traced during the investigation: more than Rs37 billion
- Assets frozen under NAB authority: over Rs27 billion
- Assets recovered through plea bargains: more than Rs10 billion
- Assets transferred to the KP government in the first phase: over Rs6 billion
NAB vows continued accountability efforts
Speaking at the ceremony, NAB Chairman Nazir Ahmad praised the investigation team and said the case demonstrated the bureau’s ability to trace and recover assets linked to corruption and financial crimes. He reiterated that NAB would continue pursuing accountability cases in accordance with the law and without discrimination.
The chairman also called for broader public support in combating corruption, describing the protection of public resources as a shared national responsibility. NAB said further recovered assets will be transferred to the Khyber Pakhtunkhwa government after completion of legal formalities.
The Upper Kohistan case remains one of the largest financial fraud investigations undertaken by NAB, involving extensive forensic analysis, banking record examinations, and scrutiny of more than 1,500 bank accounts linked to the alleged scheme.
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