LAHORE – The Federal Investigation Agency (FIA) has registered a case against Jahangir Khan Tareen, an estranged leader of the ruling Pakistan Tehreek-e-Insaf (PTI), and his son Ali Tareen over alleged involvement in financial misappropriation.
The case was registered by the FIA Lahore on March 22 under sections 406, 420 and 109 of the Pakistan Penal Code with Section 3/4 of Anti-Money Laundering Act, 2010, accusing both father-son duo of fraud involving Rs3.14 billion, local media reported.
According to the FIR, Jahangir Tareen illegally transferred shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML) owned by his son and other relatives.
Saying the fraudulent investment was made for personal gains, the FIR said that the same firm was used for money laundering of around Rs3 billion
The FIR also explains when and how FPML was made back in 1991.
The business tycoon however has rejected the allegations as baseless, adding that the accounts of his companies had also been validated by the private audit firm.
He maintained that the shares were transferred to the FPML in the accordance with the law.
Jahangir Tareen landed in hot waters when Prime Minister Imran Khan last year ordered the FIA to probe the sugar crisis and determine the elements involved in it.
As per the FIA report, the key PTI leader and others including the then Minister for National Food Security Khusro Bakhtiar minted money out of the crisis.
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