A petroleum company accused of causing a Rs47 billion loss to the national exchequer has begun making payments in what is being described as the largest recovery in the history of the Federal Investigation Agency (FIA) Karachi, it was reported on Monday.
The development was revealed in a detailed report submitted to the Public Accounts Committee (PAC) by FIA Karachi Corporate Crime Circle chief Ayaz Mehr, who has been overseeing the probe.
According to the report, the company allegedly failed to deposit petroleum levy amounts collected on fuel sales into the government treasury between 2019 and 2022. The unpaid levy, officials say, was withheld through fraudulent means, causing losses estimated at Rs47 billion.
The fraud case was filed by Ashfaq Ahmed, Deputy Director at the Ministry of Energy and Petroleum.
Thirteen individuals were nominated as accused, including the company’s owners, two women, and members of its board of directors. Among those named is former K-Electric managing director Tabish Gohar.
Investigations into the case continued for two years under different investigating officers. Following the prolonged probe, the company agreed to repay the outstanding amount to the government.
As part of the recovery process, the company has deposited an initial cash installment of Rs1 billion. In addition, post-dated cheques worth Rs46.4 billion have been submitted, along with an unconditional and irrevocable bank guarantee.
Confirming the development, FIA Karachi Corporate Crime Circle head and Deputy Director Ayaz Mehr said the report detailing the recovery and investigation has been formally submitted to the Public Accounts Committee.
