Monday, December 5, 2022
HomeGeneralIn a Rs54 billion scandal, the FIA has arrested Hascol's founder.

In a Rs54 billion scandal, the FIA has arrested Hascol’s founder.

KARACHI: Mumtaz Hasan, the founder of Hascol Petroleum Limited (HPL), was detained by the Federal Investigation Agency (FIA) on Sunday in a Rs54 billion scandal.

Director of the agency’s Sindh Zone Amir Farooqi said a total of 30 suspects — including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organisations — had been booked in the case and that efforts were under way to arrest the remaining suspects.

Director of the agency’s Sindh Zone Amir Farooqi said a total of 30 suspects — including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organisations — had been booked in the case and that efforts were under way to arrest the remaining suspects.

Also read: The FIA is going for fraudulent Covid vaccine entries.

The FIA Sindh’s chief described the scam as the “country’s biggest financial fraud” that was committed by the HPC in connivance with the NBP’s top management and those of other commercial banks, who would be investigated separately.

“During the period (from) 2015 to 2020 in the shape of bank loans, funded and non-funded financial facilities were granted to the HPL by the NBP in violation of prudent banking laws, practices, which amount to criminal breach of trust causing wrongful loss to the NBP/national exchequer and wrongful gain to HPL,”

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