LAHORE – Nine banks have frozen the 36 accounts belonging to Jahangir Khan Tareen, his son and wife amid probe being conducted by the Federal Investigation Agency over financial fraud allegations.
The accounts containing millions of rupees have been seized following a request made by the probe body, it emerged on Friday.
The frozen accounts also include foreign currency accounts. Of the accounts, 14 are owned by Jahangir Tareen, 21 by his son Ali Tareen and one is operated by his wife.
The estranged leader of the PTI also appeared before the FIA team today for investigation in the case.
Tareen, son Ali Tareen booked in fraud, money laundering case
Last week, 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 duos 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.