Pronet Uncovers $750K Internal Fraud in Major IT Sector Case

Pronet (Private) Limited has revealed a major internal fraud involving over $750,000, marking one of the most significant corporate misconduct cases in Pakistan’s IT sector this year. Internal investigations and a First Information Report (FIR) filed by the company indicate that the alleged scheme involved fabricated vendor networks, shell companies, and falsified procurement documents. The FIR cites Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust) of the Pakistan Penal Code.

The fraudulent activity reportedly involved a network of entities, including Oculus, NextTech, and Webbit, which appeared to exist only on paper. Investigators found that these companies had no physical offices, verifiable operations, or legitimate contact details. Payment trails reviewed by Pronet revealed repeated transfers to these entities, exposing a systematic scheme of fake purchase orders and manipulated invoices designed to mimic legitimate business activity while diverting company funds.

Key figures named in the alleged conspiracy include former Chief Operating Officer Saqib Qasim, Sales General Managers Farhan Haider and Hamid, and Head of Finance Nasir Ahmed. Financial records, internal approvals, and email correspondence reportedly link these individuals to the disputed transactions.

The case gained public attention in September when Farhan Haider was arrested, while Saqib Qasim obtained pre-arrest bail. Sources indicated that although the accused have provided differing accounts, some elements of the alleged activity have been acknowledged, though no full confessions have been made public.

The investigation has also raised questions about Oculus, which was established roughly 18 months ago. Several of the accused reportedly joined Oculus after leaving Pronet. Clients and technology partners associated with Oculus are reportedly reassessing their relationships as authorities examine whether the company was used to facilitate the alleged misappropriation of funds.

This case highlights growing concerns about corporate governance, internal controls, and financial oversight in Pakistan’s technology sector, emphasizing the need for stricter compliance and monitoring mechanisms to prevent similar incidents in the future.