Billions in Tax Losses Alleged in Illegal Sale of Bonded Petroleum Products
The Federal Investigation Agency (FIA) has registered a case against the CEO of GO Petroleum, Khalid Riaz, and several other individuals over the alleged illegal sale of bonded petroleum products, which reportedly caused billions of rupees in losses to the national exchequer. According to the FIA, the fuel was sold in the local market without completing customs procedures or paying the required duties, taxes, and petroleum levy.
FIA Expands Probe Into GO Petroleum and Customs Officials
The investigation alleges that the bonded fuel was transported from Port Qasim to Mehmoodkot through the White Oil Pipeline and PARCO network while still under customs control. Officials are accused of manipulating records and using forged documents to conceal the irregularities and facilitate the sale of the petroleum products. Seven individuals and two companies, including GO Petroleum and Terminal One, have been named in the case.
The FIA is examining financial records, import documents, and related transactions to determine the total losses caused to the national treasury. The agency is also investigating the possible involvement of customs officials and regulators, while further arrests and additions to the case may follow if more evidence emerges. FIA Assistant Director Umayad Arshad Butt has been assigned to lead the investigation, which has also been referred to special courts in Karachi.
