The PHF are reacting after several Olympians wrote a letter to the prime minister urging him to hold an inquiry into the body's affairs.
PHF secretary Asif Bajwa said: "We have today sent legal notices for damages to these Olympians and they now have to either prove their allegations, apologise publicly or pay us damages in court".
The Indian World Series Hockey is tempting many Pakistani players with lucrative offers but is not recognised officially by the International Hockey Federation.
PHF President Qasim Zia said: "The council has unanimously agreed that all those players who defy the PHF and go and play in any tournament that is not sanctioned by the International Hockey Federation will be immediately banned for five years and would not be able to play in Pakistan".
First half goals from Shakeel Abbasi and Fareed sealed the victory to complete a 4-0 series whitewash.
Sun 11 Dec 11: Pakistan narrowly avoided finishing last at the 2011 Champions Trophy .
After losing to Great Britain, Spain, Australia and Germany, Pakistan beat South Korea in their last game to finish seventh out of eight teams.
"It's still a long way to the Olympics and, taking a realistic approach, we know we're still behind the top teams, but we're working hard," said manager Khawaja Junaid.
Thu 08 Dec 11: Pakistan's hockey team is determined to restore Pakistan's sporting reputation at the 2011 Champions Trophy in New Zealand.
Pakistan's president and prime minister were quick to praise the players in a message to the team.
"The Pakistan hockey team by clinching the tri-nation title have made the nation proud. We hope that the national hockey team will continue to bring laurels for the country through their exceptional performance in future as well," they said.
India and Pakistan square off against each other in the Asian Champions Trophy
Pakistan failed to convert the eight penalty-corners they won before the final whistle and with the teams deadlocked at 0-0, India won the penalty shoot-out 4-2.
"We were unlucky," said manager Khawaja Muhammad Junaid. "We deserved to win because we kept India under pressure throughout the match. But reaching the final is itself a big achievement."
Sun 15 May 11: Pakistan have lost 3-2 to Australia in the final of the Sultan Azlan Shah Cup in Malaysia.
"This was Pakistan's best match against the world champions Australia in recent years. All in all it was a successful and satisfying event which revived Pakistan's hockey reputation," said manager Khawaja Muhammad Junaid.
(L-R) Shafqat Rasool, Salman Akbar and Muhammad Irfan celebrate Pakistan's eighth Asian Games hockey gold
They saw off Malaysia 2-0 in the final, thanks to goals from striker Rehan Butt and 35-year-old Sohail Abbas.
"Now our focus is on the Olympics as Pakistan hasn't won an Olympic gold for quite some time and this team has the ability to win a gold in London," said captain Zeeshan Ashraf.
The teams were still drawn 1-1 at the end of extra-time but goalkeeper Salman Akbar saved the last shot of a penalty shoot-out to secure Pakistan a spot in the final.
"I have never played such a nerve-wrecking game in my life," said Akbar, a veteran of 300 international games.
Sun 21 Nov 10: Pakistan are through to the semi-finals of the Asian Games after beating Bangladesh 6-1 (The Express Tribune).
"We took this match as if we were playing the final, because we must continue to win if we are to reach and win the final," said the veteran penalty corner specialist Sohail Abbas.
Sat 20 Nov 10: After Pakistan were beaten 3-2 by India (Times of India) Pakistan captain Zeeshan Ashraf launched an attack on what he considered poor refereeing.
"The umpiring made a difference today," he said. "We should have got at least three or four more penalty corners."
Thu 18 Nov 10: Pakistan beat Japan 8-2 (Times of India) in their second match of the Asian Games.
"This was an important win because we knew that beating Japan was important if we were to make the semi-finals," said striker Rehan Butt.
Wed 27 Oct 10: Pakistan is hoping to qualify for the London Olympics by winning the upcoming Asian Games in Guangzhou - a difficult feat as they, once again, face arch-rivals India.
"It will be a different game when we take on India at the Asian Games," said Pakistan striker Rehan Butt.
"On both occasions, in the World Cup and the Commonwealth Games, India had home advantage and the crowd support, but this time they have to play us at a neutral venue which changes things."
Tue 12 Oct 10: Pakistan have lost 3-2 to South Africa to finish sixth at the Commonwealth Games.
Rehan Butt scored twice to put Pakistan ahead but South Africa won the game with a golden goal in extra-time.
Sun 10 Oct 10: Pakistan were comprehensively beaten 7-4 by India in front of a full house of 19,000 spectators.
Pakistan beaten by India at the Commonwealth Games (UK users only)
Pakistan are now out of the Commonwealth Games. Read the match report here. Following the defeat, a host of former stars have come out and criticised the Pakistan Hockey Federation - Read more here.
Sat 9 Oct 10: Pakistan have lost 1-0 to Australia and will now be looking to beat India in a crunch game on Sunday.
Wed 06 Oct 10: Pakistan beat Malaysia 4-1 in their second pool match.
Muhammad Imran put Pakistan ahead in the 17th minute when he converted a penalty corner. Rehan Butt and Shakeel Abbasi struck in the second half before striker Muhammad Waqas rounded off Pakistan's score with a goal in the 65th minute.
Shakeel Abbasi and Rehan Butt put Pakistan ahead but Muhammad Imran sealed the win in the 43rd minute, converting a penalty corner.
Mon 27 Sep 10: Pakistan have been talking up their chances at next week's Commonwealth Games. After finishing last at the World Cup in March, Pakistan's Captain Zeeshan Ashraf is hopeful the team can bounce back in Delhi.
"Our first target will be to reach the semis, and if we are able to do that I am sure we can upset the best of teams in the race for the title" he said.
If Pakistan are to challenge for the title they will need to progress from a difficult pool that contains India and world champions Australia.
"We have got a tough pool but it is a blessing in disguise. It will be easier for us to reach the final four if we overcome the initial hurdle" said Pakistan striker Rehan Butt.
Tue 24 Aug 10: Pakistan have announced a 19-man squad for their September tour of the Netherlands. Find out who's in the squad (Times of India).
Mon 23 Aug 10: Pakistan's boys have made it to the Youth Olympics final in Singapore where they will play Australia for the gold. Their qualifying campaign included a 15-1 victory over Chile.
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