ISLAMABAD - A voluminous report submitted with the apex court by the Punjab government on Rs 9 billion Bank of Punjab (BoP) loan scam has revealed that former Chief Minister Punjab Ch Pervez Elahi siphoned Rs 5.4 billion of the BoP, whereas Federal Board of Revenue (FBR) Chairman Salman Siddique approved unlawful credit proposals of Rs 1.1 billion in July 2006. The report consisting of 15-volumes (5,000 pages) has been prepared by Additional Inspector General Police, Punjab Aftab Sultan, being the head of a Joint Investigation Team. On June 18 last year, the Supreme Court had appointed Aftab Sultan as head of a joint investigation team set up to look into irregularities in the BoP because the court was not satisfied with the investigations conducted by the National Accountability Bureau (NAB). A three-member Supreme Court bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani on Wednesday asked Advocate General Punjab Khawaja Haris Ahmed to read out important findings of the report. Reading the report, Haris said former Punjab chief minister Ch Pervez Elahi secured a huge loan of Rs 5.4 billion from the bank on the name of Phalia Sugar Mills and later the amount was spent on a new project 'Colony Sugar Mills. He said the then chief secretary Punjab Kamran Rasool obtained long leave and during the leave period he had been working in Pervez Elahis mills. During the leave period, he said the chief secretary remained the Chairman of the Board of Directors of the bank and during this period he also interacted with the BoP then president Hamesh Khan. A representative of the NAB told the court that NAB was unable to file references against the accused as it had no chairman and the Prosecutor General. The court directed Khawaja Haris to make the report public and accessible to all the citizens whosoever interested to get its copy subject to the rules and regulation. The court also directed the NAB authorities to obtain copy of the report and consider it in respect of the cases, references already pending. NAB has also been asked to read the report and collect evidences in its light. The court also appreciated Aftab Sultan for his best efforts in preparation of the report. Meanwhile the court adjourned further hearing for three weeks. According to report, FBR Chairman Salman Siddique, then one of the two directors of the bank, approved in a casual manner, unlawful credit proposals amounting to Rs 1.1 billion in July 2006 on behalf of the board (board of directors of the BoP). The report states that actual corruption at the BoP amounts to Rs 76.178 billion, as on paper, the bank showed profits from 2005 to 2008, but actually it was running in loss. It said former BoPs former president Hamesh Khan, with the help of board members issued loans to the bank defaulters. About the Punjab Chief Minister Shahbaz Sharif, the report states, As far his (Hamesh) assertions concerning the person of Mr Shahbaz Sharif are concerned; no matter as to what the truth is, the fact remains that, it is no way diminishes his criminal conduct. Then, every one is entitled to apply for facilities but in the ultimate analysis its the concerned banks prerogative to grant the same or to refuse, as it deems fit. It said the banks liability had been increasing day by day, but both the State Bank and the Punjab government had no clue of what was going on. Terming the BoP scam one of the largest swindles in the countrys history, the report said the bank was virtually deprived of over Rs 11 billion in advances and mark up by the Haris Group alone. The report said when unprecedented media scrutiny of the bank started on June 21, 2007, its existence became doubtful, as its equitys market capitalisation declined by a staggering amount of around Rs 64 billion within a short time. During the course of investigation, the report said 61 persons were examined as witnesses under Section 161 of the Code of Criminal Procedure.