OSP probes fuel fraud syndicate impacting state revenue
Ghana's Office of the Special Prosecutor (OSP) is investigating a sophisticated fuel fraud scheme. This scheme involves five oil companies and three state entities. The fraud includes under-declaring petroleum imports and falsifying product types. This leads to significant loss of state revenue. Searches were conducted at five fuel depots and Bulk Distribution Companies. The investigation sugge...
The Office of the Special Prosecutor (OSP) has launched an investigation into a large-scale fuel fraud operation in Ghana. This operation involves five major oil companies and personnel from three state entities.
The OSP conducted court-authorized searches at five fuel depots and the offices of several Bulk Distribution Companies (BDCs). Preliminary findings show a complex scheme to avoid paying taxes. This involves under-declaring petroleum imports and falsely labeling fuel types during transfers.
State entities allegedly involved include the National Petroleum Authority (NPA), the Ghana Revenue Authority (GRA), and the National Security Secretariat. The OSP alleges that certain BDCs worked with officials from these institutions. Intermediaries were also used to hide financial transfers related to the tax evasion.
The investigation targets companies such as Platon Oil and Gas Ltd, Sentuo Oil, Akwaaba Oil, Sahara Oil and Gas Ltd, and Chase Petroleum Gh. Ltd. During the searches, many documents and electronic materials were seized. Several people are now in custody and are helping with the investigation.
The OSP stated that this operation aims to uncover the full extent of tax evasion. It also seeks to determine the total revenue lost to the state. The investigation is ongoing, and further updates are expected.
Source: StatsGH — Ghana's data-driven news platform