2 min read
A petroleum company accused of causing a Rs47 billion loss to Pakistan’s national treasury has started repaying the amount, marking what officials call the biggest recovery in the history of the Federal Investigation Agency Karachi.
The update came through a detailed report submitted to the Public Accounts Committee. Ayaz Mehr, head of the FIA Karachi Corporate Crime Circle, filed the report after leading the investigation.
According to the findings, the company collected a petroleum levy on fuel sales between 2019 and 2022 but did not deposit the money into the government treasury. Officials said the levy was withheld through fraudulent methods. As a result, the national exchequer suffered losses estimated at Rs47 billion.
The case was registered by Ashfaq Ahmed, Deputy Director at the Ministry of Energy and Petroleum. Investigators later named thirteen individuals in the case. The accused include the company’s owners, two women, and several board members. Former K-Electric managing director Tabish Gohar is also among those nominated.
The investigation continued for two years under different officers. During this period, authorities reviewed financial records and examined the company’s transactions. After the prolonged probe, the company agreed to return the outstanding amount.
So far, the company has paid an initial cash installment of Rs1 billion. It has also submitted post-dated cheques worth Rs46.4 billion. In addition, officials received an unconditional and irrevocable bank guarantee as part of the settlement.
Ayaz Mehr confirmed that the full report on the recovery and investigation has been formally submitted to the Public Accounts Committee. He said the recovery process marks a significant step in holding corporate entities accountable for financial misconduct.
