The Federal Investigation Agency has registered a major fraud case involving more than Rs6.6 billion, naming multiple suspects including company directors and bank officials. The case highlights serious concerns about financial irregularities, benami accounts, and large-scale tax evasion.
According to the FIR, the accused allegedly opened multiple benami bank accounts using the identities of different individuals. These accounts were reportedly used to route sales proceeds of a biscuits manufacturing company in an attempt to conceal actual transactions and avoid tax liabilities.
Investigations revealed that funds were initially deposited into accounts at one commercial bank and later transferred to accounts in another bank. From there, large amounts of cash were withdrawn, raising suspicions of money laundering and financial mismanagement.
The FIA further stated that although biometric verification was completed, the accounts were being operated using proxy signatures. A bank official is alleged to have played a key role in facilitating the opening and management of these accounts.
Authorities believe that this scheme caused significant losses to the national exchequer through tax evasion. The case has been registered under various sections of the Pakistan Penal Code and the Prevention of Corruption Act.
In a major development, the FIA has arrested a banker linked to the case, while further investigations are ongoing to identify additional individuals who may have been involved in the scheme.
The case reflects a broader crackdown on financial crimes in Pakistan, particularly those involving undocumented transactions and misuse of banking systems. Officials say the investigation will continue to uncover the full extent of the fraud network and ensure accountability.
