The Federal Investigation Agency (FIA) Lahore's Anti-Corruption Circle has initiated a sweeping crackdown against officials of the Pakistan Agricultural Storage and Services Corporation (PASCO) following revelations of massive irregularities in the sale of wheat, reported 24NewsHD TV channel Monday. 

According to sources, the agency has registered a case and apprehended seven key individuals, including former PASCO Managing Director Saeed Ahmed Nawaz.

The arrests also include prominent figures such as General Managers Commercial Shahid Ibrahim and Imran Nazir, along with Zonal Head Iftikhar Uddin, and buyers Muhammad Saeed and Nasir Ali.

These actions are part of an investigation launched under the directive of the Prime Minister’s Inspection Commission, which had instructed the FIA to probe the tenders related to wheat damaged during the 2022 floods in Sindh and Balochistan.

During these devastating floods, approximately 40,000 metric tons of PASCO's wheat were reported damaged.

In response, PASCO issued a tender in June 2023 to sell the affected wheat. However, the FIA's investigation has uncovered that the terms of this tender were unlawfully modified, granting buyers an illegal 10% concession on performance guarantees.

This manipulation resulted in a mere Rs. 39 million being deposited into the national treasury, a stark contrast to the Rs. 276 million that should have been collected according to the regulations.

The FIA estimates that this fraudulent activity has inflicted a loss of approximately Rs. 236 million on the government.

Reporter: Azeem Waqas