NAB Hands Over Possession Of Property Worth Millions Of Rupees To PSO

National Accountability Bureau has handed over physical possession of confiscated property worth millions of rupees to Pakistan State Oil (PSO)

KARACHI, (UrduPoint / Pakistan Point News - 30th Apr, 2025) National Accountability Bureau has handed over physical possession of confiscated property worth millions of rupees to Pakistan State Oil (PSO).

The property was confiscated by NAB Karachi from the convicted accused Iqbal Ahmed Turabi, the then Manager Banking, Pakistan State Oil and his wife / Benamidars who were involved in the offence of corruption and corrupt practices regarding accumulation of assets beyond know sources of income.

NAB Karachi had successfully conducted inquiry and investigation and subsequently, filed Reference No. 39/2001 against the said accused and his spouse / benamidars in the Accountability Court, Sindh at Karachi, whereas, the Accountability Court convicted and sentenced the accused persons to undergo rigorous imprisonment for 10 & 5 years respectively and also imposed a fine of Rs.95 million on the accused persons along with confiscation of properties.

The convicted accused persons filed appeal before the Hon’ble Sindh High Court, Karachi and subsequently before Hon’ble Supreme Court of Pakistan, which were dismissed by the Hon’ble Courts.

Consequently, NAB Karachi took over the physical possession of one property of convicted persons and the same were handed over by Javed Akbar Riaz, DG NAB Karachi to Brigadier (R) Rizwan Ahmed, General Manager Security Services & Administration, Pakistan State Oil Karachi on 30 April 2025 in a handing over ceremony at Regional Headquarters of NAB.

Javed Akbar Riaz, DG NAB (Karachi), reaffirmed the Bureau’s commitment for recovering looted money and returning it to the affected departments and individuals.

He said that under the leadership of Chairman NAB, Lieutenant General (R) Nazir Ahmed, NAB remains committed to combating corruption and corrupt practices with dedication and professionalism.

This move demonstrates NAB efforts to hold corrupt officials accountable and recover ill-gotten gains for the benefit of the public and the state.