*KARACHI: The National Accountability Bureau (NAB) has taken into custodyfive suspects allegedly behind a scam involving the financialirregularities of Rs63 billion in the Pakistan State Oil (PSO).*

According to NAB officials, the suspects were arrested on July 11 duringraids conducted in Karachi, Islamabad and Gilgit.

Among those arrested are Akhtar Zameer, Kamran Iftikhar, Kaiser Jamal,Zulifqar Ali and Syed Nazir.

The officials said the accused illegally awarded contracts, selling crudeoil worth Rs2.4 billion to oil firms between 2008 and 2009. Besides, theystruck a deal with a firm to purchase substandard petroleum products,causing the national exchequer a loss of Rs60 billion.

Suspects Akhtar Zameer and Qaiser Iqbal have been remanded in the custodyof the NAB by an accountability court for 13 days, while Kamran Iftikharwas remanded in judicial custody on medical grounds.