Oil products' insurance: scope of investigations expanded to two more companies

The Federal Investigation Agency (FIA) has expanded the scope of its investigations to two more insurance companies and detained three persons in a case that involves a huge embezzlement on account of oil products' insurance. FIA has taken into custody three persons and has also identified two more persons. The insurance companies had entered in a deal with one of the biggest oil refineries in 2002 to insure oil consignments imported in Pakistan. In this deal, insurance companies had earned a commission Rs 152.39 million at a total premium of Rs 950.23 million and these companies in order to conceal this earned amount withdrew the same through various cheques of 170 fake agents.