FIA Arrests 20 Involved in Massive Stamp Paper Scam Worth Billi

FIA Arrests 20 Involved

The Federal Investigation Agency (FIA) has arrested 20 suspects in a major stamp paper scandal. They were involved in issuing government stamp papers through fake treasury receipts. The illegal activity caused heavy losses to the national exchequer, earlier reported byhttp://Newsworld.globiscope.com

According to FIA Islamabad, an FIR has been registered against 71 individuals. They include officers from the Federal Treasury Office (FTO) and several private stamp vendors.

Officials confirmed that the accused misused their authority for financial gain. They issued stamp papers without depositing mandatory fees such as stamp duties, court fees, and foreign bill charges into the national treasury.

Huge Financial Losses Confirmed

Investigators found 2,638 fake or bogus TR-32 challan forms. These fraudulent forms caused a confirmed loss of Rs. 296.49 million. However, the FIA believes the total loss may be much higher. A detailed 10-year forensic audit of the FTO is now underway to determine the full extent of the damage.

Loopholes Enabled the Fraud

Sources revealed that this is one of the biggest revenue scams in recent years. The fraud may involve stamp papers worth hundreds of millions or even billions of rupees. It continued for years because there was no verification system between the State Bank of Pakistan (SBP) and the Federal Treasury Office.

Under the normal system, vendors must deposit stamp fees in the SBP and get an official receipt. They then present this receipt at the Treasury Office to collect stamp papers. Investigators believe this process was manipulated. Fake SBP receipts were used to obtain large quantities of stamp papers without depositing any money.

A senior Finance Ministry official said the absence of a digital, real-time verification system made the fraud easy to execute. “The loopholes created a perfect environment for manipulation,” the official added.

High-Level Inquiry Formed

The government has formed a high-level committee to investigate the entire scandal. The committee must submit its report within one month. Meanwhile, the FTO has filed its own FIR against multiple stamp vendors. Several suspects have reportedly fled abroad to avoid arrest.

Officials fear the total financial impact may reach billions of rupees. This could become one of the most serious revenue leakages in Pakistan’s history.