KARACHI - The accountability court in Karachi on Friday extended physical remand of two accused in the NAB custody for their alleged involvement in Rs63 billion oil scam, till August 2.

The National Accountability Bureau (NAB) Investigation Officer (IO) produced accused Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum, and Dr Syed Nazar A Zaidi, former Senior General Manager (Marketing) PSO before the accountability court, and requested to extend their custody for further interrogation to collect more evidences. The court accepted their plea and extended their remand, the court also directed to produce the progress report in the next hearing.  

According to the NAB prosecution, Zulfiqar Ali Jaffery was arrested from Islamabad and Syed Nazar A. Zaidi was caught from Hunza Gilgit Baltistan. Three other accused including, Akhtar Jamil, Qaisar Jameel and Kamran Iftikhar Lari are also facing the same charges who were sent for remand. The accused are allegedly involved in damaging national treasury over billions of rupees. 

According to the prosecution, the accused in connivance with each other awarded illegal contract of crude oil supply worth Rs 2.43 billion to Byco Pakistan Petroleum Ltd. In 2008-09, against which no payment was received. It was also prima facie established against the accused persons that PSO management abused their authority in entering into an illegal contract of sale purchase of petroleum products with Byco Oil Pakistan Ltd (BOPL) in 2012 for supply of petroleum products to PSO, whereas BOPL was in fact commissioned in 2013. 

As a result of illegal agreement, substandard products were supplied to PSO which occasioned loss of Rs. 60 billion to the national exchequer. It was also established prima facie during the course of investigation that in year 2012, PSO management abused its authority by entering in to another illegal agreement with Byco Pakistan Petroleum Ltd (BPPL) for sale purchase petroleum products whereby PSO supplied superior quality imported products (HSD & Petrol) to BPPL at abnormally subsidized rates thus causing loss to the national exchequer. Three agreements were entered into by PSO with mala fide and illegal considerations of extending favours to blue eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs. 63.687 billion.