Irregularities worth trillions found in KP gold auction: Report

Serious irregularities worth trillions of rupees have been uncovered in the auction and subsequent operations of placer gold in Khyber Pakhtunkhwa (KP), said a report.

- Tariq Butt

The National Accountability Bureau (NAB), expressing strong reservations over the minimum price fixed for auction of gold blocks along the Indus and Kabul rivers, has stated the province is suffering losses worth trillions. It has also exposed irregularities during gold exploration operations.

Quoting official documents of the KP government, the NAB said that the leaseholders are openly engaging in subletting and charging Rs500,000 to Rs700,000 per excavator per week. Their weekly income is estimated between Rs750 million to Rs1 billion, amounting to trillions, while the government is receiving only a meagre amount.