National Accountability Bureau (NAB) Karachi on Saturday claimed to have arrested five accused persons wanted in Rs 63.687 billion petroleum sale purchase scam during a series of raids at Karachi, Islamabad and Gilgit Baltistan.
According to details, the detained persons including Akhter Zameer former General Manager (Supply) PSOCL, Kamran Iftikhar Lari former Chief Operating Officer (COO) Byco Pakistan Petroleum Ltd (BPPL) and Qaiser Jamal, former President Refineries, Byco Pakistan Petroleum Ltd (BPPL) were arrested from Karachi while Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum, from Islamabad and Dr Syed Nazar A Zaidi, former Senior General Manager (Marketing) PSO, from Hunza Gilgit Baltistan province.
The NAB stated that the accused persons in connivance with each other awarded illegal contract of crude oil supply worth Rs 2.43 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 occasioned loss of Rs 60 billion to the national exchequer. It was also established 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 favors to blue eyed companies in petroleum business and with intention of personal undue gains. The entire scam has cost Rs 63.687 billion to the national kitty.
All three accused persons arrested from Karachi were produced before Accountability Court for physical remand while rest of the two alleged offenders from Gilgit Baltistan and Islamabad would be presented on Monday after legal formalities of transit.
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