A major development has emerged in FIA Karachi’s largest recovery case, as a petroleum company accused of causing a loss of Rs47 billion to the national exchequer has begun making payments.
The head of FIA Karachi’s Corporate Crime Circle, Ayaz Mehr, has submitted a detailed report on the investigation of the petroleum company to the Public Accounts Committee, outlining the findings and progress made in the case.
According to the report, the petroleum company allegedly failed to deposit the levy imposed on petrol sales into the government treasury from 2019 to 2022 through fraudulent means, resulting in a total loss of Rs47 billion to the national exchequer.
The report further stated that the complainant in the case was Ashfaq Ahmed, Deputy Director at the Ministry of Energy and Petroleum. A total of 13 individuals were nominated as accused, including the company owners, two women, and members of the board of directors, among them former K-Electric Managing Director Tabish Gauhar.
The investigation remained with various investigating officers for two years, after which the company agreed to deposit the full amount into the national treasury. As part of the settlement, the company has paid an initial cash installment of Rs1 billion, submitted post-dated cheques worth Rs46.40 billion, and provided an unconditional and irrevocable bank guarantee.
Deputy Director Ayaz Mehr has confirmed that the report has been submitted to the Public Accounts Committee.
