FIA Recovers Rs47bn in Largest Corporate Fraud Case
ISLAMABAD: ( by NAEEM MEHBOOB ) A petroleum company accused of causing a loss of Rs47 billion to the national exchequer in what is described as the largest recovery case in FIA Karachi’s history has begun repayments, according to an official report submitted to the Public Accounts Committee (PAC).
The detailed report was submitted by Head of FIA Karachi’s Corporate Crime Circle, Deputy Director Ayaz Mehr, regarding the investigation into the petroleum company under his supervision.
According to the report, the company allegedly failed to deposit petroleum levy amounts collected on fuel sales between 2019 and 2022 into the government treasury through fraudulent means. The total amount involved reached Rs47 billion.
The complainant in the case was Deputy Director Ashfaq Ahmed from the Ministry of Energy and Petroleum. Thirteen individuals were nominated as accused, including the company’s owners, two women, and members of the board of directors. Former K-Electric Managing Director Tabish Gauhar was also among those named.
The investigation remained under different investigating officers for two years. Subsequently, the company expressed its willingness to deposit the full amount with the government. It paid the first installment of Rs1 billion in cash, submitted post-dated cheques amounting to Rs46.4 billion, and also provided an unconditional and irrevocable bank guarantee.
Deputy Director Ayaz Mehr confirmed that the investigation report has been formally submitted to the Public Accounts Committee.
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