NAB hands over confiscated property to PSO

May 01, 2025 (MLN): The National Accountability Bureau (NAB) Karachi 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 known 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.

The Accountability Court convicted and sentenced the accused persons to undergo rigorous imprisonment for 10 and 5 years respectively and also imposed a fine of Rs95 million on the accused persons along with confiscation of properties.

The convicted accused persons filed appeals before the Hon’ble Sindh High Court, Karachi, and subsequently before the 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 belonging to the convicted persons, as per the press release.

The property was handed over by Javed Akbar Riaz, DG NAB Karachi, to Brigadier (R) Rizwan Ahmed, General Manager Security Services & Administration, Pakistan State Oil Karachi, on April 30, 2025, during a handing over ceremony at the Regional Headquarters of NAB.

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