LAHORE, March 31 (Online): Federal Investigation Agency (FIA) has registered case of fraud and money laundering over Rs 3 billion against Jahangir Tareen, his son, son in law and other members of family.
According to media reports Jahangir Tareen shifted Rs 3.25 billion from GDW company to the accounts of Farooqi Pulp company, a paper manufacturing closed company owned by his son in law. Later this money was transferred to the family members accounts. This way money laundering was done to the tune of over Rs 3 billion by investing money in closed factory.
Jahangir Tareen and his family members purchased dollars from open market and shifted the money abroad.
The son in law of Jahangir Tareen used to make paper out of pulp tree. There are 26 percent public share holders in Jahangir Tareen factory.
FIA has also registered case right hand of Jahangir Tareen and former agriculture secretary Rana Naseem who is working as chief financial officer in Jahangir Tareen factory. He used to make embezzlement in the purchase of sugar cane.
On the other hand Jahangir Tareen while terming the registration of case against him a one sided action has said registration of case against him is regrettable. All the charges leveled by FIA against him, his son are false, concocted and baseless. The facts were overlooked in case against him. All the shares were legal and accounts were transferred legally. Private audit firms have declared accounts of all of my companies in order. All of my and my sons assets have been made in legal way. I and my son have complete money trail in respect of the assets. I am clean in my financial matters.
He held that he respected the law and he extended cooperation during the investigation.