A man named Adil Akram has been arrested in connection with an alleged Rs 12 billion petrol investment fraud operating across Islamabad and Rawalpindi.
Investors were told their funds would generate returns through strategic storage and trading of petrol during fortnightly government-announced price changes across Pakistan.
At least 20 companies were reportedly used to facilitate transactions, transfer funds, and conceal money movements within the alleged network across twin cities.
Multiple petrol pumps in Rawalpindi and Islamabad, including those in sensitive VIP and upscale residential areas, are believed connected to the wider scheme.
Government officers above Grade 18 from Rawalpindi and Islamabad administrations have reportedly been named during early stages of the ongoing investigation into this matter.
Sources allege some officials invested through front men specifically to hide their identities and avoid direct links to the suspected multi-billion-rupee fraud network.
Several complainants have come forward with financial claims, including Muhammad Salman, who filed a case involving Rs 61 crore against the now-arrested Adil Akram.
Mubashir Ahmed filed a cheque dishonour case worth Rs 16.8 crore, while Umar Khan submitted a separate complaint involving losses amounting to Rs 10.7 crore.
Cases against Adil Akram have been registered at multiple police stations, including Margalla, Kohsar, Ramna, and Haripur, across Rawalpindi and Islamabad regions.
A gym manager based in Islamabad reportedly promoted the scheme to clients, encouraging them to invest, before later filing an FIR against Akram under alleged pressure.
Investors initially received regular profits, which abruptly stopped, leaving large sums of money trapped within the scheme and prompting multiple legal complaints against Akram.
Investigators are examining suspicious asset transfers, including properties located in Gulberg and F-7, along with transactions linked to a money changer in Blue Area.
Large sums are alleged to have been transferred to Saudi Arabia and Spain, raising concerns among Pakistani authorities about possible international money laundering by the network.
Some victims have reportedly received threats warning them not to name influential individuals allegedly connected to the scheme during official investigations currently underway.
Authorities believe a significant portion of invested funds belongs to government officials who used intermediaries to conceal their direct financial involvement in the alleged scheme.
Adil Akram remains in custody as multiple agencies continue examining financial trails, wider network connections, and potential international links tied to this fraud case.
