The Rs54 billion HASCOL scam, explained | Profit Explains

[@ahmedazher5264]

Trust me, if all this information was written as an article, I would have never read it. You made all of this information tremendously palatable and engaging. Please keep it up!

[@TahaTahag-dd2me]

Malik Bilal

[@Sherazdk]

واہ واہ مزہ آگیا اتنے بڑے فراڈ کی تفصیلات اس قدر دلچسپ انداز میں پیش کی گئی ہیں کہ براہ راست تیل کی منڈی اور بزنس سے تعلق نہ رکھنے والا میرے جیسا ایک عام شخص بھی اس ویڈیو سے ایک منٹ کے لیئے توجہ نہ ہٹا سکا ! Great Job 👍 اس پروگرام کی ساری ٹیم شاباش اور مبارکباد کی مستحق ہے۔ ❤️🌹❤️ آڈٹ کمپنیوں اور بینکرز کی سستی غفلت یا ملی بھگت یا بھیڑ چال پر کیا خوبصورتی اور پیشہ وارانہ انداز میں روشنی ڈالی ہے۔ ۔۔۔۔۔سانوں پیخے دیوو باقی پیار محبت اسی ویخ لوواں گے۔۔۔۔۔ واہ واہ کیا خوبصورت انداز میزبانی ہے ❤️😀❤️👍

[@afroztajammal7476]

It may seem like these video series aren't get a lot of traction right now but you should stick with it. These are refreshing and insightful.

[@juveriabaig1729]

Saari due diligence hamaray jesay chotay motay account openers and loan applicants k leay hi hoti hay. Great video!

[@farooqch]

Well explained. Pls also advise in Crypto

[@ateeqahmadazad9892]

I'm CA student and enjoyed your story very well🤣

[@greenjupiter]

Wow you made it so soooo easy for an ordinary person who is unfamiliar with lots of financial terms and it's so fun as well. my fav new channel

[@muhammadharisamjad811]

I was about to make a presentation on a specific fraud company which i have to present in my university in Europe and I got access to this video.Damn very well explained :)

[@CAHA6]

THAT'S IT, FROM NOW ON THIS FORMAT OF VIDEO IS A MUST !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Props to this Bhai and whoever thought of this and as always NICE JOB Team Profit !

[@vvxvvx4971]

Pakistan need more reports and organisations like Profit with quality reporting and videos like this one Hope profit grows to cover all sectors, Inshallah

[@okhereswhatithink]

An extremely fresh take on reporting, loved the report along with detailed explanation, humor, and friendly wibe ... Best of luck for the future ... keep it up

[@Profitpk]

Glad you enjoyed it!

[@thanikhurshid7403]

Phenomenal Video. Please don't stop making them, you will get traction Inshaallah

[@abdullahfarooqi1401]

Aha ! absolutely loved the way you explained it all. Please continue to make these type of videos 😀

[@Quranpak.693]

Abdullah jo inhu ne explain kia wo alag magar auditor ka name ghalat lia

[@arhamgill3595]

We need a series on this scam like Scam 1992.

[@muhammadzaighum2690]

Hahaha 🤣 Bollywood ny nujwano ka kya hal kr diya ha yar

[@MuhammadAhmed-xn7dp]

This should be Scam 22.😂😂

[@globtex]

Dear Brother, I am a supply chain Logistics professional having plenty of experience dealing in exports/imports. No doubt LC's are all about documents and LCs are said to be the most safe and secure where credit is involved like in this case. So if the accepting bank has any doubts over LC opening bank / negotiating / paying bank they ask for irrevocable LC's which are further guaranteed by a third bank which has more sound and secure credit worthiness. Secondly in every business where physical movement of goods is involved. there must be a proof of movement of goods from seller to buyer which is usually called Bill of Lading / Transport Document. That is the title document i.e. monetary value. and always be issued by a third party which is again has some international accreditation. And that is always the proof of the delivery of specified goods to buyer as per LC prescription. Thirdly, although bankers are non technical persons (MBA shambiay kia hota hy) but they are dealing with money and they must take all the due process / steps to safeguard both seller / buyer interests including themselves from being hacked/scammed. So to make sure everything is not just on papers but actually taken place, they involve a Independent Audit Firm /Inspecting Agency which issues an Inspection / Audit report to bank / buyer along with other necessary documents which confirm quality, qty, prices, delivery date etc. of the goods (after physically confirming this info). That Inspection Certificate / Audit Report proofs legitimacy / authenticity of the goods/shipment. Although they are paid by seller but they are always nominated / selected by buyer. Int''l agencies like SGS, BVQ, Contecna, CA and EY, AGF, KPMG, are the kind of of agencies, visit seller premises, check/inspect goods, and handover shipments to shipping companies. Which are further insured by marine/air/land insurance consortiums. Furthermore, documents go into buyer's bank and not directly to buyer who never hands over the documents to buyer before he get paid. So the whole process is safe and secure / works fine, saves everybody's interests. And last but not the least, after every shipment is made, stocks are checked, audited and LC amount are amortized (in deferred LC especially), before moving to next transaction so that LC should not be exceeded its limit. These are pretty basic measures / SOPs which are always in place and required to be checked / ticked even for a as little as US$10,000 value Lc. These are laid down principles set by ICC / UCP rules under which business and trade is taking place world over without any scams and malfunctions. There is a mail (dirt) in the hearts and minds of the culprits behind this case and not in the system which to me is simply by passed. thanks and lets hope and pray for the best.

[@atifafzal6311]

Very well summed up.. brother

[@tariqjaved3467]

Yet another best way to further explainn...useful

[@blackboardthoughts8784]

محترم جناب بہت ہی بہت ہی معلوماتی حقیقت پر مبنی ہے۔لگتا ہے بھائی لوگوں نے اسکیم 92 جو کہ انڈیا کی تاریخ کا سب سے بڑا اسکیم تھا۔ جس کو بعد میں ایک فلم کی شکل میں دکھایا گیا ہے۔ وہ فلم دیکھ لی تھی۔ نوے فیصد کہانی ایک جیسی ہے

[@ghulammustapha8245]

Wonderful. The auditors must be appointed by the government, not by the clients themselves

[@stingg66]

But it should be an independent body like election commission overseeing and regulating LCs along with sb.

[@talhaali2553]

There is independent director by Govt in big companies

[@mobashir79]

External auditor is appointed by shareholders and not by company management.....

[@MubashirMahmoodsial]

Amazing quality content. Maza a gia. Harshaad Mehtaa ka scam yad a gia itna zabardast explain kia ha.

[@alipro3062]

Bhi ap ny jis tarhan expain kiya ha, "Hats off to you ". Maza aa gya.

[@raja0011987]

Very good video, the researchers and host needs a raise.

[@amersharif8642]

Excellent! please keep it up and we r waiting for these kinds of further knowelgable, educational, informative videos

[@maazismail4936]

This is the kind of brave content we need 😍 Thank you for making this🙌

[@jawaidahmed7604]

Great analysis. Whenever in pressure E&Y resigns , they don't take stand .Same thing they did in our company a few years before.

[@MuhammadJehangirKhan-c2v]

Great work and effort to explain the story. I would recommend one thing that there should be small captions in the videos something like bullets points which help to grasp important details

[@dashingdecentkhan]

you earned my subscription with your quality content. more power to you.

[@tariqjaved3467]

Excellent presentation...very thoughtfully scripted amd silple explanation...

[@Darkhorse0000]

Bohut umda channel, best of luck for the future. Sirf aik input dena tha hosakta hai main nay theek say na suna ho ya main ghalat bhi hosakta hun I think aik jaga aap nay "thuk laganay" kay alfaaz use kiye thay in my opinion they fall under bad language.

[@NaveedAhmad-xt8hh]

سادہ الفاظ میں یوں سمجھ لیں۔۔۔ کہ کمال ہے جی

[@korykhan1520]

What a creative way to explain such a Convoluted topic!

[@basit147]

The Style Of This Video Is Classic

[@mab1]

ok

[@tayyab-sheikh]

According to International standards of auditing ISA705, 706 Audit firms anywhere in the world can withdraw from audit, If they are unable to obtain sufficient and appropriate evidence or any suspects any material misstatement, Withdrawing from audit is defaultly understood that there are some material misstatements in financial statements of company, And in Pakistan if any audit firm withdraws from audit, Then SECP comes to action and investigate reasons for withdrawing from that respective firm and then SECP appoints a new auditor itself rather than company for proper investigation SO Ernest and young Chartered accountants(EY) didn't do anything wrong, They followed International Auditing standards Upon detecting any fraud, Audit firm can give four opinions : Unmodified opinion, Qualified opinion, Adverse opinion and Disclaimer of opinion. And withdrawing from audit is the biggest whistle blowing of onw of it's own kind after which SECP can take action

[@muhammadzaighum2690]

Bhai CAF ky student ho ya CFAP ky? 😅 Comment sy tu abi CAF ky Nu jawan leg rhy ho

[@muhammadzaighum2690]

What he mentioned was absolutely right that dependece of auditor for it's fees on it's client creates a genuine threat and practically firms do face a conundrum of protecting the revenue or integrity, don't why you copied and pasted a long paragraph in defence of nothing!!!

[@tayyab-sheikh]

@@muhammadzaighum2690 Bro mai CAF ka student hi hon 😁 Lekin Fee wali bat theek hai par AUDIT withdraw krny py koi harj nhi hai aur na hi is mai koi ethical issue hai Wo jo mera comment oper hai wo khin se copy nhi kia, Han magr for you clarification i am sharing the exact words of standard with you Here they are "If the auditor concludes that the possible effects on the financial statements of undetected misstatements, if any, could be both material and pervasive so that a qualification of the opinion would be inadequate to communicate the gravity of the situation, the auditor shall:  Withdraw from the audit, where practicable and possible under applicable law or regulation" ....is liye withdraw krna zyada achi bat hai bjai isky k fee le kr Unmodified opinion de diya jai Aur wesy b fee engagement letter mai confirm ho jati hai advance basis par

[@muhammadzaighum2690]

@@tayyab-sheikh Carryon The Grind Man ♥️

[@tayyab-sheikh]

@@muhammadzaighum2690 😅

[@fayyazahmed6928]

Excellent V log....I have no words for your Ramarkable reporting....

[@pillay87]

Magnificent vlog. You nailed it with a straight and easy language. Keep it up

[@chzulfiqar3028]

The way to explained is turly awesome such a deep study stay blessed

[@syed1726]

WOW.....Love it. Excellent report and reporter Please keep posting.

[@raheelarif052]

Uper sy guzar gaya laikin maza aya. Well explained.

[@abdulsamad-rq8vo]

Amazing. I’m subscribing. Good to channels like this exist.

[@abidkhan-xx8gk]

Fastest sub I have ever made.best video sir g🙏

[@AbdulRehman-ow2qi]

Honesty Need to be positively GOD BLESS EFFECTOR

[@ribalraza9439]

Very well explained, especially for a common person like me.

[@hammadsabir546]

The main accused was Banking and Auditor's Expert! One additional point to be considered that Hascol also has some joint storage facilities with other big names of petroleum sector... this game seems to be much bigger.....

[@engg.amaarihsan8947]

Bohat mehnat se video B'nai jnb ne❤

[@Adeelkhan37371]

Very nice reporting yeh btain gov NY recovery kitni ki...

[@syedmohammadkaleem5382]

Very informative and good analysis. Question remains that can a business be run with honesty under the prescribed rules and regulations with the aim of earning profit ????

[@jahanzaibamjad713]

yes that's the point

[@DrEagleMaqeel]

Byco has long story of many scandals .

[@hamidmuhammad3884]

Weldon Good Job Keep it up, you must make videos on Edden Housing society, and lot of other issues. Weldon

[@mirafaquemanzar2011]

trust me brother u are good man u explaination is very good keep it up we will help u achiieve ur first million subscribers target

[@theinformationjunction4457]

Subscribed quick due to style of explaination..thumbs up !!! 👍

[@sharjeelkhalid6509]

Yar i loved your video keep up the humor with info great work

[@shanulhaq8641]

Excellent description 👌

[@subhancd3193]

Good analysis with sense of humour. Well done 👍

[@axd2312]

Brother, Mene aj petrol dalwaya hascol pump se mere sath kuch aisa hua: Yaha Per litre price ha: 215.53 Mene dalwaya 450 ka. To meter per ana chahye tha 2.1 litre, right? Lekin dispenser meter per price to poora likha aya 450 jo mene bola tha lekin quantity 2.00 !! To mtlb 100 ml kam mila na mujhy?

[@asadsaeed258]

Great to see such channel in Pakistan. also please stop changing the background repeatedly it divert attention

[@faisalmalik9008]

Aoa Best of luck for future . inshallah . Good work

[@amjadnomi88]

Informative video Good job

[@muhammedshahbazsadiq5995]

Very informative Keep it up

[@Marcus_11144]

Excellent report .... fresh and fine

[@shahidshaikh7880]

Interesting reporting Babur. Well done.

[@dennispagute6709]

It’s the same like harsad metha scam he did in 1994

[@abdulsami5085]

most underrated channel

[@scholar765]

Very well explained

[@kamikk75]

Great Work.. Mind blowing

[@MuhammadAhmed-xn7dp]

Hascol is like a Harshad Mehta of OMCs.

[@multientertainers]

Absolutely this is really similar to that specially the core of this fraud is based on bank guarantees which harshad did as well but it just here whole company is involved and also floating it’s company financial statements

[@Sherazdk]

،😀😅 wah wah

[@99TVs]

Thank you

[@fidahussainhussain3017]

If I'm not wrong Hascol company scam and (harshad mehta scam 1992) both have same similarities?

[@chfarukhshehzad]

Great job v well done brother

[@TheKhhayat]

One question.. I will appreciate if u can answer.. Will HASCOL be able to recover its share price ever again??

[@drpareshahmadkhan2155]

Dear what about illegal omc and illegal petrol filling station

[@AltafHussain-je6gk]

Please also tell us the expected future of Hascol and Byco. Thanks

[@uk4490]

nice investigative videos. keep it up.

[@mrsajoharj121]

JazakAllah

[@huoorsaud5342]

Byco is case say bahar nikla ya nai ?

[@zaibali6550]

Sir bht ehtram k Sath asan Urdu mi bat kia kre....koi muj jesa km prha likha Bhi AP ki video dekh rha hota hi

[@mohsinperyani]

Perfect, great content, keep it up

[@genius9141]

Adhir bas aam admi he zaleel hy 100 rs ke transaction krwani hu to cnic ke copy mangty hain ya sab mily huya hain

[@ahsanahmed750]

Very good bro. Keep it up👍🏼

[@engr.omermasood7669]

Very informative

[@arslanramzan8269]

زبردست

[@MuhammadYousaf-xg3el]

Plz make more videos like this.... 👌👌👍👍

[@thes_r1256]

Bhai kuch time phly main ne biggBull movies deke te same stories hai

[@user-ws5js4xl1m]

مطلب تیل کی ذخیرہ اندوزی اور اسکے اثرات......

[@umairsimjee]

greatest content

[@hamzacity5388]

good research

[@ahsenidris9760]

Brilliant Babar

[@ahmedjamil153]

یہ کمپنیاں تو ایکس آرمی والے چلارہے تھے اور آئل۔ کمپنی کے زیادہ تر لائسنس ایکس آرمی والوں کے پاس ہونے کا سنا ہے

[@khaanstore7550]

Nice video keep it up

[@RashidAli-rm7lh]

Good one brother

[@sallehheyat8980]

Great job

[@tariqjoya464]

Good analysis

[@tahavurkhan5443]

Bhai agar Pakistan mei checks and balances hon to interest rate ki lending ban Hoti completely.

[@MuhammadNazuk]

Lage raho munna bhai.

[@ranamuhammadasif6407]

Pakistan is under attack of mafias, regulatory authorities also a partner of crime . Allah he hafiz ha is mulk ka.

[@newaoneautos]

Nice Explaine .......

[@kashanqamar48]

Zabardast

[@saudalamkhan9843]

According to ISAs if the auditor cannot comply with all the standards of ISAs then they cannot write in their report that they have audited the FS in accordance with ISAs. Thus if the client is creating scope limitation then auditor may disclaim the opinion or withdraw from the engagement

[@rashidjamali1319]

I think this was not a scope limitation rather it was an issue of integrity of management which requires the auditor to withdraw from engagement which is what ey did

[@shahabomer2431]

Wonderful

[@gazzy2012ga]

Thanks bro..keep the good work up

[@abidalihamid450]

Please keep an eye on current affairs and make such videos for the well being of students. Peace

[@user-ws5js4xl1m]

بھائی جان سو باتوں کی ایک بات, "لالچ بری بلا ہے."

[@yousufali3902]

GOOD WORK

[@Ashfaqpkpk]

good explained