Corruption Involving Billions of Rupees Uncovered in Stamp Paper Scandal

A massive stamp paper scandal has rocked the federal Treasury Office, as investigators uncover what appears to be one of the largest revenue frauds in recent years, allegedly involving officials of the Federal Treasury Office and stamp vendors operating with fake documentation. Sources told ProPakistani that stamp papers worth tens of millions, and potentially billions of rupees, were allegedly issued on fraudulent receipts, with Federal Treasury officials suspected of working in connivance with vendors. The scam reportedly remained undetected for years due to the absence of a verification mechanism between the State Bank of Pakistan (SBP) and the Federal Treasury Office. Under the standard procedure, stamp vendors are required to deposit the relevant fees with the State Bank of Pakistan (SBP) and then present the official deposit slips at the Treasury Office to obtain stamp papers for sale. However, since 2021, vendors have allegedly been presenting fake deposit slips to the Treasury Office, enabling them to acquire stamp papers without actually depositing the required funds with the SBP. Officials from the Ministry of Finance confirm that the fraud has been ongoing for the last few years, exploiting loopholes in the system. “The lack of a digital or real-time verification system created a perfect environment for manipulation,” sources said. A high-level inquiry committee has been formed and directed to submit its report within one month. Meanwhile, the Federal Treasury has reportedly lodged an FIR against some vendors, several of whom have reportedly fled abroad to evade arrest. Sources familiar with the scam fear the total financial impact may run into billions of rupees, marking it as a potentially unprecedented case of revenue leakage. Finance Secretary Imdad Ullah Bosal and the Ministry of Finance spokesperson did not respond to ProPakistani’s requests for comment on the stamp paper scandal.