PTI leader Jahangir Tareen has been charged with alleged fraud and money laundering.
A Federal Investigation Agency (FIA) Lahore investigation team registered a case of alleged fraud of Rs3.14 billion on March 22 against them.
The FIR states that Jahangir Tareen allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son and close relatives.
It says the transfers, especially after 2011-12, were “patently fraudulent investments which ultimately translated into personal gains” for Jahangir’s family. Some Rs3 billion were invested and laundered through the same factory.
The FIR outlines when and how FPML was made back in 1991.
It includes sections 406, 420 and 109 of the Pakistan Penal Code with Section 3/4 of Anti-Money Laundering Act, 2010. Rana M Shawaz will be the investigation officer.
Talking to Geo News, Jahangir said that the allegations by FIA are “baseless”. He said a private audit firm has already validated the accounts of his companies.
The PTI leader took the position that all the shares were transferred in accordance with the law and accounts law.
Last year, PM Imran Khan had tasked the FIA to investigate the sugar crisis throughout the country and find out who benefited from it.
A report by the FIA released last year had claimed that top PTI members were among those who gained from the recent sugar crisis in the country.
Among the people named in the FIA report were Jahangir Tareen and a brother of the then Minister for National Food Security Khusro Bakhtiar.
Tareen was said by the report to have benefited the most from the sugar crisis followed by Bakhtiar’s brother.
The report had also claimed that companies belonging to Moonis Elahi — an ally of the party — profited from the sugar crisis. Elahi is Chaudhry Pervaiz Elahi’s son and a key member of the PML-Q.