PPDC official admits embezzling Rs500m

LAHORE: Former chief financial officer of Punjab Power Development Company (PPDC) Ikram Naveed has confessed to embezzling Rs500 million in three different government companies and departments, The News has learnt.

He is stated to be the right-hand man of Imran Ali, the son-in-law of opposition leader in National Assembly, Shahbaz Sharif.

It has learnt that the accused has confessed to embezzling Rs499.21 million in Punjab Power Development Company (PPDC), Earthquake Reconstruction & Rehabilitation Authority (ERRA) and Parks and Horticulture Authority (PHA).

He has also agreed on a plea bargain agreement with the National Accountability Bureau (NAB).

NAB Chairman Justice (retd) Javed Iqbal has approved the request of Ikram Naveed for a plea bargain and an application has been filed in an accountability court of Lahore by the NAB authorities for final approval.

The accused confessed to embezzling Rs208.34 million in Earthquake Reconstruction & Rehabilitation Authority (ERRA), Rs233 million in PPDC and Rs37.2 million in the PHA. The accused served in the said companies for different periods of time.

NAB sources said Ikram Naveed said in his confessional statement that he gave an illegal monetary benefit worth Rs132 million to Ali Imran.

According to exclusive documents, available with The News, Ikram Naveed bought three floors worth Rs132 million in Ali Trade Centre, owned by Imran Ali. Ikram, his wife Samina and son Farjad, bought two complete commercial floors and a complete penthouse floor in Ali Trade Centre. Interestingly, the accused directly transferred more than Rs60 million from the accounts of ERRA to the accounts of Ali and Fatima Developers, owned by Imran Ali.

In September, an accountability court had declared Imran Ali a proclaimed absconder. In that case, NAB had accused Imran Ali of receiving graft money from Ikram Naveed.

Ali Imran is also accused of getting appointed Ikram Naveed as the CEO PPDC. Before that, the Anti-Corruption Establishment (ACE) had carried out an investigation against Ikram Naveed and Imran Ali Yousaf in 2016. It declared Ikram Naveed guilty of embezzling Rs450 million.

The ACE, in its investigation, found that Ikram Naveed had purchased 19 properties in his and his family members’ names and also unearthed his and his family members property worth over Rs1 billion. Later, in April, NAB arrested Ikram Naveed on the charges of corruption worth hundreds of millions.

Ikram Naveed and family owns properties in Mall of Gulberg Main Market Lahore, Al Hafeez Business Centre, Gulberg Arcade Main Market, Vogue Centre, Shama Apartments Ichhra, Agriculture land in Kahna and Village Shahzad, apartments in Centaurus Islamabad, shops in Xinhua Mall Gulberg Lahore, apartments in Olyester Court Goro Manget Road, a commercial plaza near Firdous Market, cash investments in City Steel Mills and ARY apartments in Dubai.

The Saaf Pani Company had acquired an office space in Ali Trade Centre after paying millions, but the office space was never used by the company.