fraudulent akd ppl deal caused exchequer rs500 mn loss sbr

KARACHI: Sindh Board of Revenue (SBR) has confirmed a fraudulent transaction worth Rs500 million between Aqeel Karim Dhedhi (AKD) and Pakistan Petroleum Limited (PPL) while National Accountability Bureau (FBR) has launched an investigation into the scam.In a shady transaction, a piece of land was acquired in 2010 by PPL through the real estate company of AKD at higher than market rate that caused a huge loss of Rs500 million to the country’s exchequer.Sindh Board of Revenue (SBR) confirmed fraud in the above transaction in its report filed with the NAB.A social worker named Waqas Ahmed had contacted the NAB and informed it about the transaction in question that took place on July 15, 2010.According to Waqas Ahmed, PPL bought the piece of land measuring 35009 sq ft through AKD’s real estate company at a rate of Rs175,000 per sq ft with the total amount of transaction hitting Rs1.2124 billion.Ahmed said the government rate for the land was Rs34,500 per sq ft and market rate was between Rs100,000 and Rs125,000.He said in order to allow illegal profit to the seller, 40 percent higher rate was paid for the land, causing a loss of Rs500 million to the national exchequer.When no action was taken after Waqas Ahmed’s contact with NAB, he approached Sindh High Court (SHC) on November 10, 2014.On this, NAB came up with an assurance to the SHC of taking action and began investigation into the matter.