The Federal Investigation Agency (FIA) has registered a high-profile case in Lahore involving allegations of money laundering, fraud, and tax evasion against seven individuals, including directors of a private biscuit company and a bank official. The case highlights serious concerns regarding financial irregularities and the misuse of banking systems for illegal transactions.
According to the First Information Report (FIR), the FIA’s Corporate Crime Circle in Lahore conducted an investigation that revealed the use of benami bank accounts to conceal large-scale financial activities. These accounts were reportedly opened to evade taxes on transactions worth billions of rupees while also facilitating money laundering operations.
The investigation found that the benami accounts were opened using the identity documents of Abdullah Maqsood, Arsalan Ahmad, and Maqsood Ahmad. These accounts were allegedly created with the involvement of banker Mazhar Ejaz and other bank officials. Once the accounts were established, the sales proceeds of M/s Innovative Biscuits Pvt. Ltd., a Lahore-based company owned by Sheikh Munir Hussain and Amir Raza, were routed through these accounts.
Initially, the company’s sales revenue was deposited in a different bank account and later transferred to the benami accounts. From there, large cash withdrawals were made, indicating an attempt to obscure the original source and ownership of the funds. This method allowed the accused to bypass standard financial monitoring systems and avoid tax liabilities.
During the course of the inquiry, forensic analysis confirmed that the original account holders’ signatures matched their official specimen signatures. This indicated that the accounts were opened through proper biometric verification and routine procedures. However, the transactions within these accounts were carried out using proxy signatures, suggesting deliberate manipulation and unauthorized operation.
Further findings revealed that Abdullah Maqsood issued five pay orders worth 92 million rupees in his own name through these accounts. The FIA also stated that sales proceeds amounting to approximately 6.62 billion rupees were diverted from the company’s declared accounts and deposited into benami accounts. This practice resulted in significant financial losses to the national exchequer due to unpaid taxes.
The investigation identified banker Mazhar Ejaz as a key facilitator in the scheme. He is accused of playing a central role in opening, introducing, and managing these benami accounts. His involvement is considered critical in enabling the financial misconduct.
As a result, the FIA has registered a case against Sheikh Munir Hussain, Amir Raza, Abdullah Maqsood, Arsalan Ahmad, Maqsood Ahmad, Muhammad Umair Khan, and Mazhar Ejaz under multiple sections of the Pakistan Penal Code, including those related to cheating, forgery, and fraud. Relevant provisions of the Prevention of Corruption Act, 1947, have also been applied.
The FIA has confirmed that the investigation is ongoing and that the roles of additional bank officials, company employees, and other private individuals will be examined. So far, banker Mazhar Ejaz has been arrested, while authorities are conducting raids to apprehend the remaining suspects.
This case serves as a reminder of the importance of transparency and compliance in financial operations. It also reflects the FIA’s increasing focus on identifying and prosecuting financial crimes to protect the integrity of the national economy.
