The former chairman of Lak Pohara Company has been arrested by the CID yesterday (19 Nov) for allegedly defrauding the government a sum of Rs. 20 million from an organic liquid fertilizer project.
It was revealed that the chairman has given Rs. 125 million from a fixed deposit of Lak Fertilizer Company as a bank guarantee to start a private company called Baylon.
Although the company started as a government organic liquid fertilizer project with the funds of the Fertilizer Corporation itself, it has been revealed the company has failed causing an estimated loss of Rs. 20 million.