The Federal Investigation Agency has registered a major case in Punjab. The case involves alleged tax evasion, fraud, and money laundering.
Seven individuals have been booked in the case. These include directors of a biscuit company and a bank official. Authorities believe the case involves financial irregularities worth billions of rupees.
Allegations of Benami Accounts and Money Laundering
According to investigators, multiple benami bank accounts were opened. These accounts were allegedly used to conceal sales transactions and evade taxes.
“The benami accounts were opened on the CNICs of Abdullah Maqsood, Arsalan Ahmad and Maqsood Ahmad by banker Mazhar Ejaz and other bank officials. After opening the accounts, sale proceeds worth billions of rupees of M/s Innovative Biscuits Pvt. Ltd. (the company) Lahore, having proprietors Sheikh Munir Hussain and Amir Raza, CEO and directors of the company, were parked initially in a different bank and later on transferred to benami accounts from where cash amounts were withdrawn,” it says.
Authorities claim that funds were routed through multiple accounts. Later, large sums were withdrawn in cash. This process allegedly helped conceal the origin of the money.
Forensic Findings Raise Further Concerns
Investigators conducted a detailed forensic analysis during the inquiry. The findings revealed important details about account operations.
During the probe, the genuine signatures of the account holders were found to match specimen records. However, officials noted irregularities in account usage.
Thus the benami accounts were opened with biometric verifications and routine signatures but operated with the proxy signatures, it says.
This discovery has raised concerns about internal controls within the banking system.
Massive Financial Loss to National Exchequer
Authorities estimate that Rs6.62 billion in sales proceeds were diverted. Instead of entering official company accounts, these funds moved into benami accounts.
This diversion allegedly caused significant losses to the national exchequer. Additionally, investigators found that Abdullah Maqsood issued five pay orders worth Rs92 million in his favor.
These financial movements form a key part of the ongoing investigation.
Key Role of Banker Identified
Investigators highlighted the alleged role of a bank official in the scheme. Authorities believe that Mazhar Ejaz played a central part in opening and managing the accounts.
During the inquiry, it transpired that the key role was played by bank officer Mazhar Ejaz as the benami accounts were opened, introduced and tagged by him.
Officials have already arrested the banker. Meanwhile, raids continue to apprehend other suspects involved in the case.
Legal Action and Ongoing Investigation
Authorities have registered the case under multiple legal provisions. These include sections related to fraud, forgery, criminal breach of trust, and corruption laws.
The investigation remains ongoing. Officials are also examining the possible involvement of other bank employees and company staff.
