Karachi, Jan. 17: The cash strapped Pakistan Cricket Board (PCB) has now been implicated in a new scam in the form of faulty insurance deal resulting in a whopping Rs 60 million loss.

According to The News, PCB's chief operating officer (COO) Saleem Altaf has made allegations against the previous management of the board for being responsible for a shady insurance deal.

Altaf said that former PCB chairman Nasim Ashraf and ex-COO Shafqat Naghmi were involved in the fraud which resulted in a massive loss.

He said that due to the flawed nature of the insurance cover over the series against South African and Zimbabwe, the PCB didn't receive any pay out.

"The Australian series was not the only one insured by the PCB. It also insured the South African and Zimbabwe series for over 15 million US dollars for which Rs 60 million was paid but because of the flawed nature of the deal, Pakistan didn't get a single penny when the Aussies refused to tour Pakistan," Altaf said.

Altaf charged Ashraf and Naghmi for lying about the terms and conditions of the insurance cover.

"Ashraf and Naghmi kept lying about the insurance. They never showed the insurances files, terms and conditions nor did they ever disclose the exact premium paid to the company involved," he alleged. (ANI)