NAB arrests 5 accused in Rs60 billion petroleum scam

ISLAMABAD: The National Accountability Bureau during a series of raids conducted in Karachi, Islamabad and Gilgit-Baltistan arrested five accused persons wanted in petroleum sale purchase scam of over Rs60 billion.

Those who were arrested are, Akhter Zameer former General Manager (Supply) PSOCL, arrested from Karachi, Kamran Iftikhar Lari former Chief Operating Officer (COO) Byco Pakistan Petroleum Ltd (BPPL) arrested from Karachi, Qaiser Jamal, former President Refineries, Byco Pakistan Petroleum Ltd (BPPL), arrested from Karachi, Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum, arrested from Islamabad and Dr Syed Nazar A. Zaidi, former Senior General Manager (Marketing) PSO, arrested from Hunza Gilgit Baltistan.

The accused in connivance with each other awarded illegal contract of crude oil supply worth Rs2.43 billion to Byco Pakistan Petroleum Ltd in 2008-09, against which no payment was received. It was also prima facie established against the accused persons that PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with Byco Oil Pakistan Ltd (BOPL) in 2012 for supply of petroleum products to PSO, whereas BOPL was in fact commissioned in 2013.

As a result of illegal agreement, substandard products were supplied to PSO which occurred loss of Rs60 billion to the national exchequer. It was also established prima facie during the course of investigation that in year 2012, PSO management abused its authority by entering in to another illegal agreement with Byco Pakistan Petroleum Ltd (BPPL) for sale purchase petroleum products whereby PSO supplied superior quality imported products (HSD & Petrol) to BPPL at abnormally subsidized rates thus causing loss to the national exchequer.

Three agreements were entered into by PSO with mala fide and illegal considerations of extending favours to blue eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs63.687 billion.

Accused arrested from Karachi were produced before Accountability Court today at Karachi for physical remand. Akhter Zameer and Qaiser Iqbal were remanded in NAB custody for 13 days each, whereas Kamran Iftikhar Lari was remanded to judicial custody on medical grounds. Accused arrested from Gilgit Baltistan and Islamabad will be produced after legal formalities of transit.