Summary in english for illiterate people on PW :
MD of bhoja air, arshad jalil had done ghapplay worth USD 5 million (little less than 50crore today) when he rented(leased) airplanes from shaheen air in 2004.
Then in 2010, he contacted bhoja air founder Farooq Bhoja and made a deal with him. Jalil and his people were to have a majority share in the to-be-relaunched bhoja air and Farooq bhoja to have 5 percent. Mr. Bhoja and Mr. Jalil agreed that Jalil will provide the planes and the license of bhoja will be used to fly routes.
Mr. Jalil had more companies registered with him:
-Jet Aviation : Registered in UAE. This company was to purchase the planes. Bhoja was only going to operate them.
-Pak Aviation engineering services private limited. This company was going to maintain the planes.
-Aero Lube private limited. This company to provide fuel for planes.
Mr. Jalil purchases 3 planes. 2 of them were 737-200 and 737-236A in "khasta" halat (khasta means $hit condition), which were bought from a south african airline by the name of "con air" for USD 7 lac (USD700,000 or roughly 7crore or so). I dont know if that is the total cost of both planes, but I'm assuming it was USD700,000 each because USD350,000 is a little too low. Both of the planes were to be scrapped. The other plane was a 737-400 which was in a better condition was purchased from an american company by the name of "star pacific jet" for USD33lac (USD3.3 million=USD3,000,000=rs33 crore).
Jalil was now owner of 4 companies, which according to the article is against Civil aviations rules.
Now it was decided to start operation. But on 2nd march 2012, CAA did not give them permission. Then overnight, on 3rd march 2012, "file" went to multan and then went to karachi in the morning of 4th march.
Since, pakistan minister of finance, Abdul Hafiz Shaikh was to travel on the first flight of Bhoja, CAA gave Bhoja Air, permission to operate. Then it was given permission to operate regular flights. Then, one of the "khasta" condition plane bought from africa, crashed while landing at islamabad. 10 days later all Bhoja flights were suspended.
Case was filed against Jalil and his company. At that time, Jalil and his wife were in China. Instead of coming back, they went to UAE. Insurance for the passengers was registered on Bhoja air's name. While the plane's insurance was registered on Jet Aviation which was owned by Jalil and operated from UAE.
Fortunately, his sons were in Pakistan and the authorities got hold of them.
Jalil advised the insurance company not to pay the 55 lac per passenger compensation in order to hide rest of his "ghapplay".
While he has already received compensation for the crashed plane. So he has lost nothing.
He has also been reported to have sold the other planes to Shaheen air and Indus Air. Civil Aviation was advised not to let Bhoja Air sell any of its planes to anyone. But unfortunately, the planes were owned by Jet Aviation registered in UAE and CAA was unable to do anything.
Jalil has been reported to have sold all his shares in Bhoja Air to "Eastern Jet". Eastern Jet's office is also in Sharjah, UAE. Bhoja air also has route to dubai, so it is expected that now Eastern Jet will run Bhoja air.
