FIA arrests Sitara chemical owner, two former FESCO CEOs in Rs11.96 billion power procurement fraud case

The Federal Investigation Agency (FIA) has arrested Sitara Chemical owner Mian Muhammad Idrees at Lahore International Airport

FAISALABAD: The Federal Investigation Agency (FIA) has arrested Sitara Chemical owner Mian Muhammad Idrees at Lahore International Airport while he was attempting to leave the country in connection with an alleged multi-billion-rupee power procurement fraud case.

According to sources, Mian Muhammad Idrees’ name had been placed on the Provisional National Identification List (PNIL/PCL) as part of the ongoing investigation.
The FIA also arrested former Faisalabad Electric Supply Company (FESCO) Chief Executive Officers Khurshid Alam and Saeed Akhtar. They are accused of facilitating irregular power procurement that allegedly caused a loss of Rs11.96 billion to the national exchequer.
The FIR alleges that the former FESCO officials entered into power purchase agreements without obtaining the required approval from the National Electric Power Regulatory Authority (NEPRA) and procured electricity at rates higher than those approved by the regulator.
Investigators further claim that five former FESCO chief executives were involved in the alleged irregularities. The names of former NEPRA Vice Chairman Nawab Khan, a former Additional Director General, and a former Deputy Registrar have also surfaced during the investigation.
The FIA said investigations into the case are continuing. The allegations remain under investigation and have yet to be proven in a court of law.