FIA books Jahangir Tareen son for fraud and money laundering

The Federal Investigation Company (FIA) has actually booked estranged PTI leader Jahangir Tareen and also his son, Ali Tareen, for fraud and also cash laundering, it arised on Wednesday.

According to the FIRs dated March 22, duplicates of which are offered with Dawn.com, two different cases were signed up under areas 406 (criminal breach of trust), 420 (cheating of public shareholders) and also 109 of the Pakistan Penal Code (Pay Per Click), read with sections 3/4 of the Anti Money Laundering Act.

Reacting to the development, Tareen blasted the FIA as well as stated the complaints against him and his family members were “totally produced”.

” I have already sent a detailed reply in addition to concrete evidence in action to the FIA notification. Unfortunate to see them go on an additional character assassination against me & my family members without establishing anything prohibited,” he stated.

One of the grievances states that Tareen fraudulently misappropriated investor’s money after his company– JDW group– moved Rs3.14 billion to an associated exclusive business identified as Farooqi Pulp Private Limited (FPML). The FIR stated that the private business is possessed by his children as well as close relatives.

” The transfers, particularly after FY 2011-2012, were patently deceitful investments which ultimately equated into personal gains for the relative of the JDW Chief Executive Officer,” the FIR stated.

It stated that throughout this duration, Tareen, his child and also various other relative purchased cash money (US$) from the competitive market in Lahore in a “structured way”.

” Ultimately, in 2016, Ali Khan Tareen remitted around US$ 7.4 Million to the United Kingdom for purchasing buildings (to be examined carefully during the training course of examination) which makes them responsible for Anti-Money Laundering investigation,” it stated.

The FIA mentioned that Tareen, his kid, son-in-law Waleed Akbar Faruki as well as Shahid Akbar Faruki beneficially managed FPML and personally gained from this system.

In the second FIR, the examination firm said “abundant withdrawals amounting to a minimum of Rs2.2 billion were fraudulently and also dishonestly made via a trusted cash biker.” It kept in mind that Amir Waris, used as a cashier at JDW’s Business Head Office, transferred large amounts into the individual and also business accounts of Tareen and also his relative.

” This method operandi of cash-based misappropriation and cash laundering was used to break the onwards money path of deposits right into individual and also service accounts of the accused Tareen and household,” it said.

It additionally mentioned that Rana Nasim Ahmed, JDW CEO, was also provided huge amounts from the business’s accounts to the tune of Rs600 million. “He asserts these humungous quantities as wage, bonuses as well as ‘gentlemanly-agreed’ benefits.”

FIA summons leading authorities of eight sugar teams
Earlier today, the FIA mobilized the chief financial officers (CFOs) and also heads of sales of 8 major sugar groups in connection with the ‘speculative price-hike’ of the sweetener.

” The FIA has actually mobilized the chief financial officers (CFOs) and also heads of sales of PTI’s Jahangir Tareen’s JDW Sugar Mills for April 2, Maryam Nawaz as well as Sharif family’s Chaudhry Sugar Mills on March 31, Punjab Assembly Opposition Leader Hamza Shahbaz’s Ramzan Sugar Mills on April 2, Madina Sugar Mills of Kissan team on April 7, Hamza Sugar Mills on April 8 and also 3 others in the sugar fraud. The proprietors of these sugar groups will be mobilized at the later phase,” a main resource informed Dawn.

The FIA has lately discovered Rs110 billion earning by the sugar mafia throughout the last one year via ‘speculative pricing’ as well as it initiated activity versus those involved in it.

Prior to this, the FIA had actually also signed up an FIR against Tareen’s JDW team and also Premium Bakers & Sweets Pvt Ltd, Lahore, under sections 420, 468, 471 and also 109 of the Pay Per Click, reviewed with areas 3/4 of Anti-Money Laundering Act 2010.

Sugar probe record
Last year, a sugar questions compensation, headed by FIA principal Wajid Zia as well as making up officials from other institutions, was set up like Prime Minister Imran Khan to explore the reasons behind the rising cost and lack of the asset in the nation.

The payment’s report, which was made public by the federal government in May, revealed multiple misbehaviors within the sugar market as well as linked essential government and also opposition political numbers, consisting of Tareen, PML-Q MNA Moonis Elahi, government preacher Khusro Bakhtiar and also PML-N Head of state Shehbaz Sharif’s boy.

The record described exactly how for many years sugar mill owners had actually adjusted the marketplace to make windfall profits totaling up to billions of rupees, shedding light on the nexus between these owners and also numerous government officials that resulted in unregulated techniques bypassing legislations as well as frequently manipulating the farmers.

It also revealed just how the ‘sugar cartel’ making up 88 mills had cheated sugarcane farmers and also consumers at every step starting from the purchase of walking cane, manufacturing of sugar, sale in the regional market as well as export, all of which caused price walking of sugar along with billions of rupees of tax obligation evasion.