KARACHI (Dunya News) - A petroleum company responsible for the country’s largest-ever recovery case, involving a loss of Rs 47 billion to the national treasury, has begun making payments.
Ayaz Mehr, head of the Corporate Crime Circle of FIA Karachi, submitted a detailed report on the ongoing investigation of the petroleum company to the Public Accounts Committee.
The report states that between 2019 and 2022, the company allegedly failed to deposit levies on petrol sales into the government treasury through fraudulent means, amounting to PKR 47 billion.
The complainant in the fraud case was Ashfaq Ahmed, Deputy Director at the Ministry of Energy and Petroleum.
Thirteen individuals have been named as suspects, including company owners, two women, and members of the Board of Directors, among them former MD ESC Tabish Gauhar.
The two-year investigation involved multiple officers. Eventually, the company agreed to deposit PKR 47 billion into the government treasury, paying PKR 1 billion in cash as the first installment, while submitting post-dated checks for the remaining PKR 46.4 billion along with an unconditional bank guarantee.
FIA Karachi confirmed that the report has been formally submitted to the Public Accounts Committee.