The Federal Investigation Agency (FIA) has recovered Rs47 billion in unpaid fuel levy during an ongoing probe against a petroleum company, according to a report submitted by the agency’s Corporate Crime Circle Karachi to the Public Accounts Committee (PAC).
The investigation relates to the non-payment of fuel levy on the sale of gasoline between 2019 and 2022. According to details shared in the FIA’s report and cited in The News, the petroleum company failed to deposit the levy into the government treasury over the said period, resulting in a substantial loss to the national exchequer. The complaint that led to the inquiry was filed by Ashfaq Ahmed, Deputy Director at the Ministry of Energy and Petroleum.
The inquiry, registered as Inquiry No 3/23, has remained under investigation for nearly two years. During this period, the FIA examined financial records, sales data, and regulatory compliance to determine the extent of the alleged violation. The probe has identified 13 individuals as accused, including the company’s owners, members of its board of directors, two women, and a former managing director of K-Electric, highlighting the scale and seriousness of the case.
As a result of the investigation, the petroleum company has deposited an initial cash instalment of Rs1 billion with the authorities. This payment, according to the FIA, reflects the company’s willingness to settle the outstanding liability. For the remaining Rs46 billion, the company has submitted post-dated cheques along with unconditional and irrevocable bank guarantees, providing financial assurance for the recovery of the full amount.
The FIA’s Corporate Crime Circle stated that the recovery process is being closely monitored to ensure compliance with the agreed settlement mechanism. The submission of bank guarantees is intended to safeguard the government’s interests and ensure that the remaining amount is recovered in full without further delay.
Deputy Director Ayaz Meher, who heads the FIA’s Corporate Crime Circle Karachi, confirmed that a detailed progress report has been forwarded to the Public Accounts Committee. The PAC is expected to review the findings and monitor further action to ensure accountability and prevent similar lapses in the future.
The case underscores the government’s ongoing efforts to tighten oversight in the petroleum sector and improve revenue collection. Fuel levy is a significant source of income for the federal government, and non-payment not only affects fiscal planning but also undermines transparency and regulatory compliance within the energy sector.
The investigation also highlights the role of enforcement agencies in addressing corporate financial misconduct and recovering public funds. With the submission of guarantees and partial payment already made, the authorities expect the remaining amount to be recovered as per the agreed terms, bringing the case closer to resolution while reinforcing the message that violations of fiscal obligations will face scrutiny and enforcement.
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