| GEO Business|
| Four industrialists nabbed for PSM fraud|
| Updated at: 1218 PST, Sunday, July 18, 2010|
KARACHI: At least four industrialists have been nabbed for embezzlements in iron purchase in Pakistan Steel Mills (PSM), Geo News reported Sunday.
But, the PSM’s Re-rolling Mill Associations said they are being victimized to show recovery.
According to sources, Federal Investigation Agency (FIA) arrested at least four people involved in the PSM scam.
The chief of Re-rolling Mill Association Ismat Pervaiz said, ‘We are being made the scapegoat to show recovery to the Supreme Court (SC). Re-rolling Mill Association cannot earn unwarranted profits as it is a consumer dealer.’
‘The members of Re-rolling Mill Association never took any illegal benefit; however, to save some people, we are being pressurized,’ he stressed.
Warning to take recourse to the courts if the action against them is not halted, he further said, ‘The PSM never provided us with material as per our requirements.’
Ismat Pervaiz said the PSM chief acknowledged that the RMA workers did nothing wrong, adding he would lay bare the facts in tomorrow’s press briefing.