Punjab Anti-Corruption Establishment (ACE) unearthed Rs3 billion embezzlement in Punjab University City Town III, reported 24News HD TV channel on Saturday.

According to a report of the ACE report, Town Management Committee gave away commercial plots to the developers for free. The members could not get the benefit from the sale of commercial plots. 1001 members paid the finances for the land purchase for Town III. The management committee authorized the developers for the sale of 616 marlas commercial land. The developers were bound to develop the residential plots in the time of 50 months. But even the map of the scheme could not be approved despite the passing 55 months. The management committee also gave permission to the developer to work on the extension of PU Town III. It also permitted the developer to use all the facilities. 

However, the PU Town III members will not get any financial benefit in this regard. The developer was already given Rs2 billion. The developer has not so far transferred 50 acres of land by violating the agreement. 

Town III management committee has been mum over the issue. According to the report of the ACE, the developer has spent the finances of Town III for personal use as well. As per the report, it is doubted that Waqar Naeem is a frontman of the developer. The developer and the management committee have also sold the soil from the 12 acres of land of the town. At the start of PU Town III, the land had been sold to the members at high prices. 

Town III members have demanded to divide the commercial land among them. 

Reporter: Imran Younas