FIA Arrests Two Former FESCO CEOs in Alleged Rs12 Billion Power Sector Fraud Case
Islamabad: The Federal Investigation Agency (FIA) has arrested two former chief executive officers of the Faisalabad Electric Supply Company (FESCO) in connection with an alleged Rs11.96 billion corruption and fraud case linked to the power sector.
According to the FIA, the alleged irregularities occurred between 2007 and 2015, when two private companies, allegedly in collusion with FESCO officials, illegally purchased and sold electricity, causing an estimated loss of nearly Rs12 billion to the national exchequer.
Investigators allege that electricity was sold without the required license and that power supply continued even after the relevant agreement had expired.
The FIA arrested former FESCO CEOs Khurshid Alam and Ahmad Saeed Akhtar and obtained five-day physical remand from a court to continue the investigation.
The agency also said that the names of other suspects have been placed on the Exit Control List (ECL) to prevent them from leaving the country while the investigation is underway.
The allegations are part of an ongoing FIA investigation. The accused are entitled to due process, and the case will be decided by the courts following completion of the legal proceedings.
