An estimated amount of ten to twelve billion rupees have been transferred to various foreign bank accounts by HEC in the name of PhD scholarships to ghost scholars. These scholars do not physically exist but only exist in the paper records of HEC. It is learnt that the scholarship money has been finally funnelled to the bank accounts of Sharif family through Mukhtar Ahmed, Chairman HEC.

President NBP Saeed Ahmed facilitated the transfer of funds to foreign accounts.* FIA has been asked to investigate.

Mukhtar Ahmed was appointed as Chairman HEC by the then PM Nawaz Sharif in violation of all criteria and procedures. Despite several court cases against his appointment he remained HEC Chairman due to his close relationships with Sharif Family especially Maryam Nawaz