LAHORE – The Federal Investigation Agency (FIA) has filed a major fraud case involving over Rs6.6 billion, uncovering an alleged network of benami bank accounts, company executives, and bank officials linked to financial misconduct and tax evasion at M/s Innovative Biscuits Pvt. Ltd.
Sources in FIA told the Pakistan Observer that the inquiry was initially opened a few years ago but stalled under the previous director of FIA’s Lahore Zone. After the new director assumed office, the investigation was revived, and following confirmation of the alleged irregularities, an FIR (No. 39/2026) was lodged.
The case pertains to illegal financial transactions executed through proxy-operated and fake bank accounts, implicating several company directors and bank officials. The FIR cites multiple sections of the Pakistan Penal Code, including fraud, forgery, criminal breach of trust, and corruption.
Investigators revealed that several benami accounts were opened using the CNICs of individuals such as Abdullah Maqsood, Arsalan Ahmad, and Maqsood Ahmad. These accounts were allegedly facilitated by officials of two banks.
According to the FIA, billions of rupees from M/s Innovative Biscuits’ sales were first deposited into accounts opened in one of the banks and later transferred to other bank. Funds were then withdrawn in cash after multiple transfers, apparently to obscure the money trail.
Although the accounts were opened with legitimate biometric verification and signatures, they were later operated fraudulently through proxy signatures using “undertaking for difference of signature” forms. Forensic analysis confirmed that original signatures matched official records, while daily operations were manipulated by intermediaries.
Among the accused, Abdullah Maqsood issued pay orders worth Rs92 million, and Muhammad Umair Khan reportedly handled large cash withdrawals as a front man. M/S Innovative Biscuits Ltd Company directors Sheikh Munir Hussain and Amir Raza are alleged to have orchestrated the diversion of revenues into undeclared accounts to evade taxes, causing substantial losses to the national exchequer.
Mazhar Ejaz, a former relationship manager of a bank and relative of one account holder, is identified as a key facilitator in the scheme, managing multiple benami accounts and processing cheque deposits personally.
The FIA has nominated seven individuals in the case, including company directors, account holders, and bank officials.
The investigation is ongoing to determine the involvement of additional parties, and authorities have promised strict legal action against those found culpable.
