ISLAMABAD: The Federal Investigation Agency (FIA) has arrested two former chief executive officers of the Faisalabad Electric Supply Company (FESCO) in connection with an alleged Rs12 billion corruption case involving the illegal purchase and sale of electricity.
According to the FIA, a case has been registered against 15 individuals, including six former FESCO chief executive officers.
The agency alleged that between 2007 and 2015, the accused, in collusion with FESCO officials, caused a loss of approximately Rs11.96 billion to the national exchequer through the unlawful purchase and sale of electricity.
Investigators claim that electricity was sold without the required licence, and that power supply continued even after the relevant agreement had expired.
The FIA has arrested former FESCO CEOs Khurshid Alam and Ahmed Saeed Akhtar. A court has granted the agency five days’ physical remand of both suspects for further investigation.
The FIA also said that the names of the remaining accused have been placed on the Exit Control List (ECL) to prevent them from leaving the country while the investigation continues.
About The Author
