Karachi (HRNW): The Constitution Bench of the Sindh High Court has commenced proceedings regarding a nationwide multi-billion rupee investment scam. During the hearing, officials from the National Accountability Bureau (NAB) presented their formal evaluation report concerning the financial fraud.
According to the NAB inquiry report, a fraudulent misappropriation of Rs. 426 million (42 Crore 60 Lakh PKR) has been formally identified. However, the bureau’s report explicitly clarified that cases involving corruption or financial fraud below the threshold of Rs. 500 million (50 Crore PKR) do not fall within the statutory jurisdiction of NAB. Consequently, a decision was made during the NAB Executive Board Meeting to officially refer the fraud case to the Federal Investigation Agency (FIA) for further legal action and comprehensive prosecution.
Conversely, the petitioner informed the honorable court that the actual scale of the mega-scam targeting innocent citizens across the country realistically exceeds Rs. 15 billion. Taking immediate notice of the matter, the Sindh High Court issued formal notices to the FIA, directing the federal agency to record the statements of all the victims and submit a comprehensive progress report before the next scheduled hearing. Subsequently, the court adjourned the hearing of the petition until September 9.
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