-35 bank accounts of Jahangir Khan Tareen, family frozen
Staff Report
ISLAMABAD: Estranged Pakistan Tehreek-i-Insaf leader Jahangir Khan Tareen appeared before the Federal Investigation Agency (FIA) in alleged fraud and money laundering cases on Friday.
Accompanied by his company secretary Maqsood Malhi, Tareen appeared before the FIA’s investigation team. Earlier today, his son Ali Tareen appeared before it and was quizzed for over one and a half hour.
The FIA have registered two separate cases against father, son duo over the charges of allegedly committing fraud and money-laundering worth Rs3.14 billion.
The cases against them were registered under PPC Sections 406 (criminal breach of trust), 420 (cheating of public shareholders) and 109 of the Pakistan Penal Code (PPC), read with Sections 3/4 of the Anti-Money Laundering Act.
“Over three billion rupees money laundering made by showing investment in a closed factory,” one of the FIRs said. The investigation agency has also charged Tareen and others for illegal hoarding of sugar, misappropriation and cheating in the FIR. CEO of JWD Sugar Mills in an act of forgery transferred 3.14 billion rupees to a closed company, the FIR read. “In year 2011-12 over three billion rupees were transferred to Farooqi Pulp Milk Ltd,” according to the case. In year 2011-12 Tareen and family members also purchased dollars from the open market. His nominees transferred over seven million dollars to overseas for purchase of properties,” according to the FIR.
Meanwhile, Jahangir Tareen’s son Ali Tareen on Friday has appeared before the investigators of the Federal Investigation Agency (FIA) in connection with the probe into the sugar scandal. Ali Tareen has been asked by FIA to answer the five questions related to the alleged financial fraud worth over Rs4 billion as the intelligence agency was continuing investigating sugar mills in cases against betting mafia.
Strict security arrangements were made during the arrival of Ali Tareen at the FIA office. Jahangir Tareen is also expected to appear before the FIA investigators after being summoned at 3:00 pm. Ali Tareen departed from the agency’s office after being interrogated by FIA officials for around 1.5 hours.
It may be noted here that FIA had directed Jahangir Tareen and his son Ali Tareen to reappear on April 09 in separate cases. Ali Tareen had been summoned for being investigated over allegedly defrauding the shareholders. The agency had directed Ali Tareen to bring answers to five questions with him which included the reason for selling JKFSL’s sugar business, the advertisement for the sale, the number of bidders who showed their interest in the process, and the quoted rates.
The FIA notice further noted that as per company records JKFSL encountered losses of Rs326 million, however, despite suffering huge losses, it sold out its sugarcane business to JDW on higher profits. Ali Tareen was also asked to bring an assessment through which the sugar-related business of the JKFSL was sold out in Rs4.35 billion. “Also bring money trail of how Rs4.35 billion was later utilized,” the FIA notice directed the son of Jahangir Tareen.
On March 31, the Federal Investigation Agency (FIA) filed two FIRs against Jahangir Tareen and two other family members in the sugar scandal and money laundering charges.
