Nasim Shahzad of Meinhardt who met Revanth Reddy for Musi Riverfront project, in fraud case, "absconding"

HYDERABAD: The Singapore-based Meinhardt company that evinced interest in developing the Musi Riverfront in Hyderabad seems to be in deep trouble. According to the news reports a lookout (“ISHTEHAR-E-SHORO GHOGHA) notice was issued against Dr. Nasim Shahzad, Chairman of Meinhardt, along with his son Omer Shahzad, CEO of the same company, among other individuals in Pakistan. The company is developing a mega construction project 'Creek Marina'in Karachi.

The charges under the Pakistan Penal Code (PPC) and the Prevention of Corruption Act (PCA) 1947 cover allegations of criminal breach of trust, cheating, fraud, criminal conspiracy, and corruption. According to the Friday Times of Pakistan, the country's Federal Investigation Agency's (FIA) Commercial Banking Circle (CBC) in Karachi has lodged a first information report (FIR) against Meinhardt Singapore and Creek Marina PVT Ltd being developed by Meinhardt for allegedly opening a series of undisclosed accounts in local banks and deceitfully obtaining and embezzling investment funds through Creek Marina Project, DHA Phase 8, Karachi.

Incidentally, a delegation led by Omar Shahzad met Telangana Chief Minister A Revanth Reddy at the State Secretariat on February 6 and expressed interest in executing the Musi Riverfront Development Project. The company officials made a PowerPoint presentation on the projects they have implemented in different countries and drafted designs that would suit the Musi Riverfront.

The Chief Minister during his recent visit to London and Dubai, had scouted for developers for the prestigious Musi riverfront project there and held meetings with representatives of foreign companies and firms that could help in its implementation.

However, it was not clear whether Dr. Nasim Shahzad and Omer Shahzad were considered absconding as they operate from Singapore and have operations in several countries across the world. In India, they have offices in Bengaluru, Noida, and Chennai and 55 offices the world over.

A word of caution appeared in X where a concerned citizen asked "Is it fine for the Government to do business or meet companies which have been declared as absconders in money laundering by a country and sought the Chief Minister's reply.