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Pronet (Private) Limited has uncovered an alleged internal fraud involving more than $750,000, in what is emerging as one of the most significant corporate misconduct cases in Pakistan’s IT sector this year.

According to internal investigators and details outlined in a First Information Report (FIR) filed by the company, the alleged fraud involved fabricated vendor networks, shell companies, and falsified procurement documents.

The FIR takes context from Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Pakistan Penal Code.

The scheme was carried out through a network of suspicious entities, including companies like Oculus, NextTech, and Webbit, which appear to have existed largely on paper. The companies reportedly had no physical offices, no verifiable operations, and no legitimate contact details.

Payment trails reviewed by Pronet revealed repeated transfers to these entities that eventually led to the discovery of a systematic scheme involving fake purchase orders and manipulated invoices designed to resemble legitimate business activity while diverting company funds.

Former Chief Operating Officer Saqib Qasim, Sales General Managers Farhan Haider and Hamid, and Head of Finance Nasir Ahmed have been named as key figures in the alleged conspiracy. Financial records, internal approvals, and email correspondence are said to link the individuals to the disputed transactions.

The matter escalated in September when Farhan Haider was arrested, while Saqib Qasim obtained pre-arrest bail. Sources told ProPakistani that although the accused have given differing accounts, they have acknowledged certain elements of the activity. No full confessions have been made public so far.

The investigation has also drawn scrutiny toward Oculus, which was formed around 18 months earlier. Several of the accused reportedly joined the company after leaving Pronet. Clients and technology partners associated with Oculus are reportedly reassessing their relationships as investigators examine whether the entity was used for the alleged diversion of funds.

Commenting on the case, Pronet’s newly appointed Chief Executive Officer Zia Saleem said the company had identified instances of financial misappropriation and initiated legal proceedings. “The matter is now before the courts, and it would not be appropriate to comment further at this stage,” he said.

The scope of the case is expected to widen. The episode has sent shockwaves through Pakistan’s IT sector.

A corporate risk and compliance expert said cases of this nature reflect recurring gaps in internal controls. Weak vendor onboarding, inadequate procurement checks, and insufficient employee vetting can allow sophisticated schemes to operate undetected for extended periods, the expert said.

“I worked for Pronet for over 16 years and helped the company achieve unprecedented growth, establishing it as one of the top Systems Integration companies in Pakistan. Unfortunately, when I decided to part ways from the company and enter into competing business, Pronet lodged a malicious FIR based on false allegations to tarnish my reputation purely out of business jealousy,” the former top executive at the company named in the conspiracy told ProPakistani.

He added, “While I am being maliciously prosecuted, I am confident that I will be vindicated by the courts inshAllah”.

Sharp drop in gold prices on the last day of the year.

In 2025, the price of 10 grams of gold increased by Rs 158,060.

Across Pakistan, the price of gold per tola fell by Rs 2,500 to Rs 456,962.

According to the All Pakistan Gems and Jewellers Association, the price of 10 grams of gold decreased by Rs 2,143 to Rs 391,771.

Meanwhile, in the international market, gold prices dropped by $25 to $4,346 per ounce.
During 2025, the price of gold per tola increased by Rs 184,362, while the price of 10 grams of gold rose by Rs 158,060. Similarly, in the global market, gold prices increased by $1,732 per ounce in 2025.