JIT completes inquiry into $3bn loans to industrialists during PTI era

FOOLS_NIGHTMARE · Aug 8, 2023

The Joint Investigating Team (JIT) probing the matter of loans amounting to $3 billion given to industrialists during the government of Pakistan Tehreek-e-Insaf (PTI) has concluded its preliminary inquiry report.

The JIT, spearheaded by the anti-graft watchdog, has successfully wrapped up its initial inquiry phase, signaling a significant development in the case. As a prudent measure, the JIT has advised the initiation of a specialised audit before delving into any potential criminal probe.

A substantial portion of 435 billion was distributed within the framework of the Turf Scheme, contributing to a cumulative loan figure of 1145 billion.

The textile sector experienced notable activity, with 186 individuals securing loans totaling Rs 178 billion, according to official documents. These loans were offered at a 5% interest rate, with a repayment period of 10 years and a grace period of two years.

Furthermore, the manufacturing sector featured prominently, as 162 industrialists obtained loans amounting to Rs 64 billion. Similarly, 79 individuals within the food sector benefited from loans totaling Rs 40 billion, as per documented records. In the realm of mineral products, 14 entrepreneurs availed loans of Rs 39 billion.

Additionally, the rubber and plastic sector saw participation from 50 industrialists who received loans totaling Rs 30 billion. Meanwhile, 30 businessmen operating in the chemicals sector procured loans amounting to Rs 28 billion, as indicated in official documentation. Lastly, the transport sector featured 28 individuals who secured loans worth Rs 27 billion, according to the provided records.