Illegal subsidies: Former trade authority chief rounded up
Tariq Puri is accused of granting at least Rs1 billion in trade subsidies to fake companies.
Tariq Puri. PHOTO: FILE
KARACHI:
The Federal Investigation Agency arrested former Trade Development Authority of Pakistan (TDAP) chairman Tariq Puri over alleged involvement in a multi-billion rupee trade subsidy scam on Thursday.
According to official sources, Puri was arrested from his residence in Karachi’s Defence locality by officials of FIA’s crime circle cell. The former TDAP chairman is accused of granting trade subsidies to several fake companies, they said.
Talking to The Express Tribune, an official privy to developments said the FIA had, so far, determined Puri approved Rs1 billion in fraudulent subsidies. “We believe, however, that this scam is worth well over Rs6 billion,” he added.
A total of 18 cases have been registered against Puri following investigations, said sources. According to the official, Puri initially maintained his innocence and said he was not involved in the scam.
“So far, we have arrested five persons accused of involvement in the scam, including Puri,” the official said. “There are around 100 more suspects we will have to arrest in connection with this scam,” he added.
According to sources, FIA has set up special teams to arrest those wanted in connection with the scam. Those nominated for arrest include Mian Tariq, Haroon Raisani, former minister for trade and industry Farhan Junejo, Faisal Siddique Khan and other senior TDAP officials, they said.
Farhan and Faisal allegedly played the role of frontmen on behalf of an important government official involved in the scam, said another official. Tariq and Raisani too played the role of middlemen in securing trade subsidies for fake companies, he said, adding that their arrest could lead to the disclosure of the names of other former government officials involved in the scam.
Three months ago, Puri’s secretary Javed Anwar was also arrested by FIA.
Ongoing investigations against the TDAP’s previous leadership have badly affected the entity’s performance in recent months as well.
Puri remained CEO of TDAP for around 21 months – from October 2010 to July 2012 – during which the organisation carried out various new initiatives to enhance regional trade.
Industry officials say his initiatives helped Pakistan export non-traditional goods to new markets. His role was pivotal in increasing Pakistan’s presence in the Chinese markets, and helped normalise trade relations with India.
Published in The Express Tribune, September 20th, 2013.
The Federal Investigation Agency arrested former Trade Development Authority of Pakistan (TDAP) chairman Tariq Puri over alleged involvement in a multi-billion rupee trade subsidy scam on Thursday.
According to official sources, Puri was arrested from his residence in Karachi’s Defence locality by officials of FIA’s crime circle cell. The former TDAP chairman is accused of granting trade subsidies to several fake companies, they said.
Talking to The Express Tribune, an official privy to developments said the FIA had, so far, determined Puri approved Rs1 billion in fraudulent subsidies. “We believe, however, that this scam is worth well over Rs6 billion,” he added.
A total of 18 cases have been registered against Puri following investigations, said sources. According to the official, Puri initially maintained his innocence and said he was not involved in the scam.
“So far, we have arrested five persons accused of involvement in the scam, including Puri,” the official said. “There are around 100 more suspects we will have to arrest in connection with this scam,” he added.
According to sources, FIA has set up special teams to arrest those wanted in connection with the scam. Those nominated for arrest include Mian Tariq, Haroon Raisani, former minister for trade and industry Farhan Junejo, Faisal Siddique Khan and other senior TDAP officials, they said.
Farhan and Faisal allegedly played the role of frontmen on behalf of an important government official involved in the scam, said another official. Tariq and Raisani too played the role of middlemen in securing trade subsidies for fake companies, he said, adding that their arrest could lead to the disclosure of the names of other former government officials involved in the scam.
Three months ago, Puri’s secretary Javed Anwar was also arrested by FIA.
Ongoing investigations against the TDAP’s previous leadership have badly affected the entity’s performance in recent months as well.
Puri remained CEO of TDAP for around 21 months – from October 2010 to July 2012 – during which the organisation carried out various new initiatives to enhance regional trade.
Industry officials say his initiatives helped Pakistan export non-traditional goods to new markets. His role was pivotal in increasing Pakistan’s presence in the Chinese markets, and helped normalise trade relations with India.
Published in The Express Tribune, September 20th, 2013.