FIA lodges case against Jahangir Tareen, son for alleged fraud and money laundering

FIA lodges case against Jahangir Tareen, son for alleged fraud and money laundering

Islamabad (Web Desk): The Federal Investigation Agency (FIA) has registered a case against Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Khan Tareen and his son Ali Tareen for alleged fraud and money laundering.

According to details, an investigation team of FIA Lahore registered a case of alleged fraud of Rs3.14 billion on March 22 against them.

As per the First Information Report (FIR), Jahangir Tareen allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son Ali Tareen and close relatives.

The FIR says that the transfer, especially after FY 2011-2012, were patently fraudulent investments which ultimately translated into personal gains for the family member of the JDW CEO.

It said that during this period, Tareen, his son and other family member purchased cash (US$) from the open market in Lahore in a "structured manner".

Reacting to the move, Jahangir Tareen said that the allegations leveled against him are baseless as his personal and family assets are declared and all members are taxpayers. He said he did his business with honesty and suffered loss.

The PTI leader added that complete record of his business and transfer of cash is available, and has also been shown to the FIA.

Tareen claimed that all funds were transferred abroad through legal banking channel.

In 2020, PM Imran Khan had tasked the FIA to investigate the sugar crisis throughout the country and find out who benefited from it.

The report of the inquiry commission, headed by FIA chief Wajid Zia and comprising officials from other institutions was later made public by the government.

The report exposed multiple wrongdoings within the sugar industry and implicated key government and opposition political figures, including Tareen, Pakistan Muslim League-Quaid (PML-Q) MNA Moonis Elahi, federal minister Khusro Bakhtiar and Pakistan Muslim League –Nawaz (PML-N) President Shehbaz Sharif's son.