LAHORE: The Federal Investigation Agency (FIA) has registered a high-profile criminal case involving alleged financial fraud, tax evasion, and misuse of banking channels amounting to over Rs 6.6 billion.
According to an FIR lodged by the FIA’s Corporate Crime Circle Lahore, the case pertains to illegal financial transactions linked to a biscuit manufacturer based in Lahore.
The investigation revealed that multiple benami (proxy) bank accounts were opened using the CNICs of individuals. These accounts were allegedly created and facilitated by bank officials of local bank. Authorities stated that although the account holders completed biometric verification and used their genuine signatures during account opening, proxy signatures were later used to operate the accounts, enabling illicit transactions.
The FIR details that sales proceeds of the biscuit company, collected nationwide through distributors, were initially deposited in accounts in one bank. These funds were then transferred via cheques (bearing proxy signatures) into accounts in another bank.
Subsequently, large sums of cash were withdrawn, primarily by a front man. Investigators estimate that a total of Rs 6.629 billion was routed through these accounts.
Authorities alleged that instead of depositing revenues into the company’s declared accounts, the funds were diverted into benami accounts to evade taxes, causing significant losses to the national exchequer.
The case has been registered under multiple sections of the Pakistan Penal Code (PPC), including fraud, forgery, criminal breach of trust, and falsification of accounts, along with provisions of the Prevention of Corruption Act, 1947.
The FIA stated that the accused acted in collusion, preparing fake banking documents and conducting illegal financial transactions. Further investigation is underway to determine the involvement of additional bank officials, company employees, and private individuals.
The inquiry has been assigned to an FIA investigation officer, and authorities have indicated that arrests and further legal action may follow as the probe progresses.
Copyright Business Recorder, 2026