KARACHI: The Federal Investigation Agency (FIA) has arrested Mumtaz Hasan, the founder of Hascol Petroleum Limited, in connection with a Rs54 billion scam. The FIA’s Commercial Banking Circle has registered a case against 30 individuals, including former and current officers of the National Bank of Pakistan and Hascol. The case is related to bank default, financial fraud, and money laundering involving Hascol Petroleum Company.
According to the FIA, evidence surfaced during an inquiry into the financial fraud and money laundering worth over Rs 54 billion, leading to the arrest of Mumtaz Hasan. FIA stated that they are conducting further raids to apprehend other suspects.
Under the direction of FIA Sindh Zone Director Amir Farooqi, the agency filed a case against the accused under various sections of the Pakistan Penal Code and the Anti-Money Laundering Act. The FIA stated that they filed the case after uncovering substantial evidence during the investigation. FIA terms it as the country’s “largest financial fraud.”
The case involves officials from Hascol Petroleum and partner companies, including Vitol, Fossil Energy, and the NBP. Multiple individuals, including former NBP presidents, current officials, and board members of Hascol Petroleum and partner companies, have been named as suspects in the case.
The investigation revealed that the suspects collaborated to secure a loan of billions of rupees from a national financial institution. Then, the individuals used the money for money laundering purposes through financial fraud. The FIA claims to possess evidence such as bank account records, phone purchases, storage records, and records of overseas transactions showing commissions.
The case also involves allegations of “fake LCs” worth more than Rs540 billion opened by various banks in collaboration with bank staff between Hascol Petroleum and Byco Petroleum.
