Investors Accuse ZEM Builder CEO Zeeshan Akram Qureshi of Multi-Million Rupee Property Fraud

ISLAMABAD: Victims of a private housing project have leveled serious allegations against Zeeshan Akram Qureshi, CEO of ZEM Builder and Developer, during a press conference in Islamabad, accusing him of defrauding investors of millions of rupees.

According to the affected investors, property fraud is not a new phenomenon in Pakistan, but in this case, both local and overseas Pakistanis were allegedly persuaded to invest large sums of money in housing and commercial projects that were either never completed or never delivered.

The victims claimed that Qureshi launched an extensive marketing campaign based on a limited number of plots and grey-structure houses in Bahria Town, attracting investors—particularly overseas Pakistanis—with promises of lucrative returns and property ownership. However, they allege that many of the advertised projects remain incomplete, while construction has not even begun on some sites.

Investors further alleged that when they demanded refunds, they were met with threats and an uncooperative attitude. As a result, they formed a committee to pursue legal action collectively.

Retired Colonel Irfan, speaking at the press conference, stated that despite submitting multiple complaints and supporting evidence, victims faced difficulties in getting FIRs registered against the accused.

The victims also claimed that several FIRs have already been registered against Zeeshan Akram Qureshi in Islamabad and Rawalpindi. They further alleged that he has been declared a proclaimed offender in a case registered within the jurisdiction of Shalimar Police Station, yet no arrest has been made so far.

During the press conference, it was claimed that losses suffered by investors in the ZEM Mall project alone have exceeded Rs 700 million. The victims also alleged that more than 75 properties in a private housing society remain undeveloped despite investors having paid millions of rupees for them.

The affected investors questioned the effectiveness of the justice system, stating that if retired military officers are struggling to obtain justice, ordinary citizens face even greater challenges. They called on authorities to conduct a transparent investigation into the alleged fraud and take strict legal action against those responsible.