Mumtaz Hasan, the founder of Hascol Petroleum Limited (HPL), was arrested by the Federal Investigation Agency (FIA) in connection with a Rs54 billion scandal.
Amir Farooqi, director of the agency’s Sindh Zone, claimed 30 suspects had been booked in the investigation, including current and former high executives of the National Bank of Pakistan (NBP), HPL, and other organisations, and that attempts were underway to apprehend the other suspects.
The chief of the FIA Sindh termed the scheme as the “country’s worst financial fraud,” conducted by the HPC in collusion with the top management of the NBP and other commercial banks, who will be investigated separately.
“During the period (from) 2015 to 2020, the NBP granted to the HPL in the form of bank loans, funded and non-funded financial facilities in violation of prudent banking laws, practises, which amount to criminal breach of trust causing wrongful loss to the NBP/national exchequer and wrongful gain to HPL,” according to documents.
