LAHORE - The National Accountability Bureau (NAB), Lahore, arrested former Director General (DG) National Electric Power Regulatory Authority (NEPRA) Syed Insaf Ahmed on allegations of misuse of authority and offences of corruption and corrupt practices.

According to a NAB press release, Syed Insaf Ahmed was designated by NEPRA for determination of electricity tariff proposed by M/s Nishat Chunian Power Limited (NCPL) in year 2007. The accused had also worked as Director Tariff, NEPRA and later as Director General Tariff NEPRA during the same period.

Misusing his authority and in alleged connivance and abetment with management of M/s NCPL accepted fraudulent financial and technical information on accounts of various cost factors in order to allow fraudulent and illegal gains on the prices of electricity tariff. He wilfully facilitated the false cost estimates submitted by M/s NCPL as the same did not check the veracity of proposal given by M/s NCPL.

It has also transpired that the accused did not highlight the exorbitant rates requested by NCPL at the required forums, whereas accused Syed Insaf Ahmed, by misusing his authority, facilitated the grant of undue benefits through corrupt and dishonest means to M/s NCPL to the tune of Rs 8.3 billion (approx).

Thus, the accused, in connivance with other co-accused persons, caused a collateral loss worth Rs 8.3 billion to the government in electricity tariff adjustment.

Accused Syed Insaf Ahmed will be produced before an accountability court for seeking of his physical remand. It is also expected during the remand proceedings that numerous other involved culprits may be arrested following the revelations made by accused.