NAB arrests 5 people in Rs63 billion oil scam

KARACHI: The National Accountability Bureau (NAB) has taken into custody five suspects allegedly behind a scam involving the financial irregularities of Rs63 billion in the Pakistan State Oil (PSO).

According to NAB officials, the suspects were arrested on July 11 during raids conducted in Karachi, Islamabad and Gilgit.

Among those arrested are Akhtar Zameer, Kamran Iftikhar, Kaiser Jamal, Zulifqar Ali and Syed Nazir.

The officials said the accused illegally awarded contracts, selling crude oil worth Rs2.4 billion to oil firms between 2008 and 2009. Besides, they struck a deal with a firm to purchase substandard petroleum products, causing the national exchequer a loss of Rs60 billion.

Suspects Akhtar Zameer and Qaiser Iqbal have been remanded in the custody of the NAB by an accountability court for 13 days, while Kamran Iftikhar was remanded in judicial custody on medical grounds.

The remaining two suspects will be presented before a NAB court on July 16 for their physical remand.