ISLAMABAD: A joint team of the Federal Investigation Agency (FIA) and the Securities and Exchange Commission of Pakistan (SECP) is actively investigating the assets of Jahangir Khan Tareen (JKT).
According to details, the joint team has contacted all public and private entities that have a record of JKT’s wealth and business.
Formal notices have been issued to 22 officials and private entities on charges of money laundering and corporate fraud against various sugar mills, relevant entities/individuals, pursuant to findings of Sugar Inquiry Commission 2020. The information sought includes all immovable properties under section 25 of the Anti-Money Laundering Act 2010.
According to sources, it has been revealed that Chairman Capital Development Authority (CDA), Director General Lahore Development Authority (LDA), Deputy Commissioner (DC) Islamabad, DC Multan, DC Rahim Yar Khan, DC Lahore and Administrator Bahria Town Karachi and Lahore have been asked to provide details of ownership in the names of these 22 individuals and companies.
In a letter sent to them on August 17, they were asked to provide details of immovable property owned by the above-mentioned individuals or companies under Section 25 of the Anti-Money Laundering Act.
Moreover, State Bank of Pakistan’s (SBP) Director General Financial Monitoring Unit (FMU) has been asked to provide details of all possible Secured Transactions Registries (STRs) regarding suspicious transactions from 2010 to date. Notices have also been issued to 29 heads of various banks seeking details of all their bank accounts including foreign currency accounts, fixed deposits, credit cards, running finances, etc. Locker information has also been requested.
The Chairman SECP is requested to send the information of Faruki Pulp Mills Limited which includes audit reports, annual statements and any other inquiry related to the company.
The heads of Faisal Bank and Bank of Punjab have also been contacted and details of loans given to JDW Sugar Mills Limited (JDWS) or any other institution for JK Farming Systems Limited have been sought from them. Apart from this, details of rescheduling of loans given to JDWS, lifetime bank statement, loan/credit facility have also been sought.
The Chief Executive Officer (CEO) of Central Depository Company (CDC) Karachi has also been asked to submit the CDC activities and balance report of these 22 individuals and companies and also their investments.
Surprisingly, this is happening at a time when the PTI desperately needs Jahangir Tareen to return home and play a role in neutralizing the opposition’s anti-government movement. Senior anchorperson Mubasher Lucman revealed that at a time when the government needs Jahangir Tareen, the action of the FIA and the SECP is meaningful.
#FIA and #SECP have started to investigate Jehangir Tareen and some family members on account of money laundering. Surprisingly this comes at a time when the Government needs #JKT to come back and diffuse the opposition campaign about to commence
— Mubasher Lucman (@mubasherlucman) August 26, 2020
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