Home Scam/Fraud World Bank unearths massive financial fraud in Pakistan

World Bank unearths massive financial fraud in Pakistan

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Islamabad [Pakistan], July 21 (ANI): The World Bank has unearthed a racket of 23 Pakistan companies adopting corrupt, fraudulent, collusive and coercive practices to win contracts for projects undertaken by the Distribution Companies (DISCOS) and National Transmission and Dispatch Company (NTDC).

According to the report prepared by the World Bank Group (WBG) integrity Vice Presidency (INT), these companies had organized themselves into “cartels” for mutual benefit.

The WB International Bank for Reconstruction and Development (IBRD) had entered into a loan agreement with the Government of Pakistan (GoP) in July 2008 as part of the Electricity Distribution and Transmission Improvement Project.

The project’s objective was to strengthen the capacity of distribution and transmission networks in Pakistan to meet the increasing electricity demand in selected areas while strengthening the institutional capacity of certain…

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