ISLAMABAD, July 26: The National Accountability Bureau (NAB) has settled the issue of cancellation of ARY flats in Dubai between the ARY Group and the allotees.

According to the NAB, the ARY has agreed to restore the flats of the affected Pakistanis or to refund 100 per cent of their deposited amount to get flats in ARY Residencia, an apartments scheme in Dubai.

The NAB received a complaint against the ARY Group’s management filed by a group of affected people whose flats have been cancelled by the group without giving them any reason or notice in advance.

A source told Dawn that a son of Haji Abdul Razzaq, the owner of the ARY Group, came to Pakistan from Dubai and attended all the meetings in the NAB headquarters to settle the issue.

The total number of victims is stated to be 220 of whom 20 have been refunded. The rest have sent legal notices to the management of the ARY Luxury Apartments to withdraw the cancellation notices or else face litigation. The cancellation of flats was done last month.

The victims were of the view that this was a “deliberate act of cheating by the ARY” because the prices of the apartments had increased in the real estate market and the management felt that it could make more profit by selling them out directly after cancelling the allotment of the original allottees.

The NAB sought clarification of the ARY Group whereby it revealed that flats of only those allottees were cancelled who had not paid the amounts due to them.

According to the bureau, an amicable settlement has been reached between the affected people and the ARY management and relief had been provided to the aggrieved party.

Options have been provided to all affected people either to get their flats restored through a staggered payment schedule or to seek 100 per cent refund of their money without any deduction on account of registration fee or any other charges.

ARY’s management has also been advised to submit a compliance report on implementation and execution of the agreement within the next 45 days.

Meanwhile, an action committee of the affected allotees expressed satisfaction over the agreement reached between them and the group.