The Federal Investigation Agency (FIA) has arrested 20 suspects in a major stamp paper scam that caused billions in losses. The scandal involved fake treasury receipts and illegal issuance of government stamp papers.
An FIR has been registered against 71 individuals, including officials from the Federal Treasury Office (FTO) and private stamp vendors, the FIA said. The accused allegedly misused their positions to issue stamp papers without depositing required government fees.
Investigators revealed that 2,638 fake TR-32 challan forms were used, resulting in confirmed losses of Rs. 296.49 million. Authorities warned that the total financial damage could be much higher, pending a detailed forensic audit of FTO records over the last ten years.
The FIA described the scam as one of the largest revenue frauds in recent years. It may involve stamp papers worth hundreds of millions or even billions of rupees. Officials said the fraud went undetected due to the lack of a verification system between the State Bank of Pakistan and the Federal Treasury Office.
Under normal procedures, stamp paper vendors deposit fees at the SBP and present receipts to the Treasury Office. Investigators believe fake receipts were used to obtain large quantities of stamp papers illegally.
The Ministry of Finance confirmed that the loopholes were exploited for several years. A senior official said, “The absence of a digital verification system created a perfect environment for manipulation.”
A high-level inquiry committee has been formed to investigate the full extent of the scam. The committee must submit its report within one month. Meanwhile, the FTO has also filed FIRs against several vendors, some of whom reportedly fled abroad.
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The FIA has emphasized that strict action will continue against all individuals involved in the scam. Officials warned that this case highlights the need for stronger monitoring systems to prevent revenue losses in the future.
