Islamabad, Pakistan – Web Desk: A major financial irregularity surfaced during a meeting of the Public Accounts Committee (PAC) when it was revealed that rice worth Rs190 million had been taken from a rice mill without payment, officials said.
The disclosure emerged during a PAC session chaired by Moin Aamir Pirzada, where audit objections related to the finance division were under review. Audit records indicated that a bank’s borrower had removed rice stock valued at Rs190 million without settling payment.
Committee member Syed Naveed Qamar described the matter as “highly alarming,” prompting the finance secretary to inform the meeting that Rs140 million had since been recovered.
PAC Chairman Moin Aamir Pirzada questioned the bank’s role in preventing the unauthorized removal of stock. “It appears the bank took no action. Why was no legal proceeding initiated? The stock was being loaded throughout the night, yet action came only in the morning,” he said.
The chairman further asked why the company involved had not faced immediate consequences, directing the bank to provide details of disciplinary measures within 15 days.
Syed Naveed Qamar also expressed concern, stating that the circumstances surrounding the incident appeared suspicious. The bank’s president confirmed that the company had been suspended pending further investigation.
PAC officials emphasized the need for accountability and transparency in financial operations, urging swift action to prevent similar incidents in the future.
