According to the National Accountability Bureau (NAB) investigators, Fawad Hasan Fawad’s (the former principal secretary to the deposed and convicted ex-PM, Nawaz Sharif) foreign assets are parked with Shahzad Saleem.
However, the real fraud is Nishat Chunian Power and Nishat Power; both owned by Nishat Group, in which they have stolen Rs. 40 billion in each plant amounting up to Rs.80 billion from the Government of Pakistan, and for the last 10 years, Rs. 4 billion annually have been extracted through oil fraud from the national exchequer.
Two independent power producer (IPP) plants of 200 MW each were set up in 2008 with inflated value in the over-invoiced equity of 3.6 billion with 17 percent guaranteed returns in dollars, and the total actual return was supposed to be amounting Rs.1 billion annually.
In fact, they have allegedly caused huge losses to the national exchequer with Rs. 4 billion annually from each power plant without putting a penny of equity in these plants and stole from power consumers as well through oil fraud.
They have been evading NAB investigations for the past 5 years with the help of stay orders, but soon these cases shall also open.