The Federal Investigation Agency (FIA) has arrested Hascol Petroleum Limited (HPL) Founder Mumtaz Hasan in an alleged scam worth Rs54 billion, as an inquiry into bank default, financial fraud and money laundering produced pieces of evidence against him.
He managed to conduct fraudulent financial transactions with the support of officials from several banks, according to FIA investigation.
The FIA Commercial Banking Circle has registered a case against 30 suspects - including former and current officers of Hascol - and one suspect has been arrested after pieces of evidence came to light in an inquiry into bank default, financial fraud and money laundering of more than Rs54 billion by the Hascol Petroleum, according to a FIA statement issued the other day.
The investigation revealed that the suspects, in connivance with each other, obtained a loan worth billions of rupees from a national financial institution while the money was used for money laundering through financial fraud.
The proofs bank accounts of officials, cell purchases and storage records. Moreover, the FIA has also got records of millions of dollars in overseas transactions received by the defendants in commissions and kickbacks.
Published in The Express Tribune, January 30th, 2022.
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