The Federal Investigation Agency (FIA) has registered a case against the chief executive officer of GO Petroleum and several other suspects over an alleged multi-billion rupee bonded fuel fraud. The agency accused the suspects of illegally selling bonded petroleum products in the local market. Consequently, investigators believe the scheme caused massive financial losses to the national exchequer.
According to the first information report filed by the FIA’s Corporate Crime Circle in Karachi, the accused bypassed mandatory customs procedures before selling the fuel.
Furthermore, they allegedly avoided paying customs duties, petroleum levy, and other applicable government taxes.
The FIA stated that bonded petroleum products remain under customs control until importers complete customs declarations and clear all statutory charges. Therefore, authorities said such products cannot legally be removed, consumed, or sold in the domestic market before clearance.
Investigators alleged that the fuel moved from Port Qasim to Mehmoodkot through the White Oil Pipeline and the PARCO pipeline network. However, officials claimed the products remained under bond throughout the transportation process.
The FIR further alleged that company officials manipulated official records and relied on forged documents to conceal the unlawful transactions.
Moreover, investigators believe the forged paperwork helped facilitate the illegal sale of bonded petroleum products across the domestic market.
The FIA has named seven individuals and two companies in the case. Among them are GO Petroleum Chief Executive Khalid Riaz and Terminal One Chief Executive Fiaz Ahmed. Meanwhile, investigators have launched further inquiries to determine the involvement of other individuals and recover evidence related to the alleged fraud.
The agency said the investigation will examine financial records, customs documentation, and company transactions. Additionally, officials aim to identify anyone who assisted the alleged scheme and assess the total financial impact on the national exchequer.
