The Clerk Who Stole 40 Billion

*48 Arrested, 40 Billion Gone: Kohistan’s Paint-Bucket Scandal*

*Kohistan: From Clerk to Billionaire – The G-10113 Fraud*

*Pakistan’s Biggest Cash Recovery: 2 Billion Found in Paint Buckets*

*The 40-Billion Rupee Clerk*

*Kohistan’s 40-Billion Rupee Heist: Clerk Becomes Billionaire*

ISLAMABAD/PESHAWAR/KOHISTAN:
The biggest financial fraud in the history of Khyber Pakhtunkhwa has now reached 48 arrests. There are two major narratives in the public reaction: one segment calls it the *”story of a clerk becoming a billionaire”*, while the other is severely criticizing the plea bargain system, saying *”Eat 100, give 25, and enjoy 75″*.

*Latest Update – 48th Arrest:*

The National Accountability Bureau (NAB) Khyber Pakhtunkhwa has achieved another major success in the Kohistan mega corruption scandal. The freshly arrested accused, *Amir Saeed*, is accused of illegally withdrawing *Rs 1.13 billion (1 billion 136 million)* from the national exchequer. The Accountability Court has granted his *14-day physical remand*.

Seven days earlier, *Muhammad Riaz* was handed over to NAB on a 7-day physical remand for alleged embezzlement of *Rs 11.117 billion*.

*Overall Figures:*

– Total worth: *Over Rs 40 billion*
– Total arrested: *48*
– In custody: *38*
– Released on plea bargain: *8 to 10*
– Cash recovery: *Over Rs 2 billion* – the largest cash recovery in the country’s history
– Frozen assets: *Rs 27.16 billion*
– Surrendered assets: *Rs 1.23 billion*

*Background and Modus Operandi – What is Account G-10113?*

The story starts in 2013. A clerk named *Qaiser Iqbal* is recruited in the *C&W Department, Upper Kohistan*. He remains on the same seat for 12 years and becomes head clerk.

Account *G-10113* is actually the official account for contractors’ security deposits. From 2016 to 2024, *Rs 181.53 billion was deposited but Rs 206 billion was withdrawn* in it. That is, a difference of Rs 24 billion only on paper, which was later covered with fake bills.

*4 Steps of Modus Operandi:*
1. Qaiser Iqbal used to create fake bills and schedules for fictitious development projects, in the name of works that never existed on the ground.
2. The District Accounts Office (DAO) Upper Kohistan used to sign cheques without verification of any work – allegation of *Rs 200,000 bribe per cheque*.
3. The Accountant General Office Peshawar and NBP Dassu Branch used to pass it without audit.
4. Money was cashed in the name of fake firms – *Hilal Construction, Itimad Construction, Hollywood Construction, Kohistan Hills, Riaz Associates*.

*Key Characters:*

*1. Qaiser Iqbal – Mastermind:*
Head clerk in C&W Department since August 2013. *Rs 1.6 billion cash* recovered from his house, then *Rs 200 million (10+10 crore in two raids) hidden in paint buckets* recovered on the identification of his wife *Gul Fareen*. Gold, foreign currency, luxury vehicles (Porsche, Mustang, Audi, Land Cruiser), bungalows and plazas in Peshawar, Islamabad, Abbottabad. He himself surrendered assets worth *Rs 1.23 billion* in the Accountability Court on May 20, 2026, and has now applied for a *Rs 14 billion plea bargain*. Arrested along with his wife on *October 18, 2025* soon after being discharged from Abbottabad Medical Complex.

*2. Shafiq-ur-Rehman Qureshi – Former DAO:*
The main accused for signing fake cheques worth Rs 33 billion.

*3. Muhammad Riaz – From Cashier to Billionaire Contractor:*
Recruited as a cashier in NBP Dassu Branch in 2006, resigned in 2021 and created fake companies in the name of 6 brothers. Withdrew *Rs 11.117 billion*.

*4. Fazal Hussain and Radiullah – Auditors, AG Office Peshawar:*
Concealed corruption while sitting in the audit committee. Fazal Hussain accused of taking *Rs 10.5 million bribe*, bail of senior auditor Radiullah was rejected by the Accountability Court on *August 26, 2026*.

*5. Frontman Network:*
Driver *Mumtaz* (Rs 4 billion plea bargain), Junior Clerk *Abdul Basit* (Rs 500 million transactions), Driver *Abdul Sattar*, Contractor *Doraj Khan*.

*Complete Details of Plea Bargain:*

The most controversial thing in this case so far is the plea bargain:

– *Mumtaz Driver* – Frontman of Qaiser Iqbal – Released after paying *Rs 4 billion*
– *Saifullah* – 8th accused, maker of fake construction company – Released on *October 24, 2026* after paying *Rs 20 million*
– *Muhammad Ayub* – Released after paying *Rs 38.6 million*
– *Hareeq Ahmed* (Bank Operation Manager NBP Dassu) – *Rs 409.6 million*
– *Khushhal Khan* – *Rs 117 million*

In total, plea bargain of *Rs 8.43 billion + Rs 3.86 billion = Rs 12.29 billion* has been done. According to NAB, those who do plea bargain will become approvers.

*NAB’s Stance and Next Phase:*

According to NAB Khyber Pakhtunkhwa, investigations are in final stages but this money is not of just one district. Even the Speaker of the Provincial Assembly has said that the actual scandal may not be 40 but up to *Rs 200 billion*, because the same model was used in other districts as well.

The Accountability Court on May 20, 2026, ordered the confiscation of dozens of properties of Qaiser Iqbal in favour of the state, which the accused has challenged in the Peshawar High Court.

According to NAB, even after 48 arrests, more influential political personalities are expected to be arrested.