The Federal Investigation Agency (FIA) has arrested two former CEOs Khurshid Alam and Ahmad Saeed Khan of the Faisalabad Electric Supply Company (FESCO) over an alleged Rs. 12 billion electricity fraud that caused heavy losses to the national exchequer.
One company director was taken into custody at Lahore Airport. A local court granted the FIA a five-day physical remand of the arrested suspects for further investigation.
Meanwhile, a full-fledged case has been registered against the chief executive and five directors of two industrial companies, along with four former chief executives.
The accused have been placed on the Exit Control List (ECL) to prevent them from leaving the country during the investigation.
The case has been registered at the FIA Composite Circle Faisalabad under the Prevention of Corruption Act and multiple provisions of the Pakistan Penal Code, including charges related to criminal breach of trust, cheating, forgery, and conspiracy.
According to investigators, the accused allegedly colluded between 2007 and 2015 to manipulate electricity purchase and sale arrangements, allowing the companies to secure unlawful financial benefits at the expense of the public treasury.
The FIA alleged that one of the companies sold electricity to Fesco at rates higher than those approved by the Central Power Purchasing Agency (CPPA) while also receiving electricity from Fesco as a bulk power consumer at subsidized rates.
Another company obtained subsidized natural gas from Sui Northern Gas Pipelines Limited (SNGPL) by presenting itself as a captive power plant while allegedly using misleading documents to represent itself as a small power producer before the National Electric Power Regulatory Authority (NEPRA).
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Why don’t fia go behind people involved in green meter file clearance. They made billions as well. Per file clearance sold between 120k to 600k as per sanction loads.