ISLAMABAD: An investment scam involving more than Rs 5.72 billion by the board of directors of the Privatisation Commission of Pakistan (PCP) has been detected, according to documents forwarded to a parliamentary committee. According to details, the PCP chairman secretly kept a sum of Rs 3.59 billion in a specific bank account. PCP board member Syed Asghar Shah, who is also a director of KASB Bank, had made an investment of millions of rupees in his bank. Khurshid Zafar, the senior executive vice president of Arif Habib Bank Limited, had also invested Rs 1 billion in his own bank, according to the documents. Moreover, Asif Kamal, the chairman of Trust Investment Bank Limited, made an investment in billions in his personal bank. According to law, members of the privatisation board cannot make investment in banks in which their personal interests are involved. The Privatisation Commission Ordinance restrains members from spending public wealth or making investment out of national wealth for the sake of personal interest. As per official documents, PCP members had made an investment of over Rs 5.72 billion in 10 banks. The report said that investment of Rs 1.45 billion was made in Atlas Investment Bank, Rs 430 million in Habib Metropolitan Bank, Rs 300 million in KASB Bank, Rs 567 million in Faysal Bank, Rs 300 million in Bank Alfalah, Rs 300 million in Arif Habib Bank, Rs 1,357 million in Trust Investment Bank, Rs 500 million in Bank of Khyber, Rs 222 million in Habib Bank and Rs 300 million in United Bank Limited. As per law, investment should be made on the basis of competition between banks with the permission of the Finance Ministry. An investment committee should be constituted in privatisation commission before making investment. Moreover, educated and competent staff should be appointed in the committee. According to official documents, the PCP chairman has opened three anonymous accounts in Habib Bank Limited against rules and regulations and kept Rs 3.59 billion hard-earned money of the nation in those accounts. The details of profit accruing from this investment are not available in the record. As per the law, it is made binding on PCP to deposit its funds in Faysal Bank only. The PCP chairman had opened a commission fund account in Habib Bank against the law, while Rs 1,003 million were kept in that specific account. The second account was opened in the name of a commission account wherein Rs 649 million wee kept. The third account was opened in the name of BE-SOS wherein Rs 1.93 billion were kept. According to the official document, inquiry was started against misuse of Rs 9 billion funds and illegal investment in the PCP but no one has been held responsible so far in this regard. The parliamentary committee will launch a probe into the financial irregularities of Rs 9.37 billion soon, according to reports.