Two major characters of Chinese company’s fraud apprehended

ISLAMABAD: The two main Pakistani characters used in a plot to target Punjab chief minister in an alleged money laundering scam have been apprehended. However, the mastermind of this whole saga involving Chinese company Yabaite is yet to be identified.

Ejaz Asghar Sheikh, Co-Director of Yabaite Pakistan and Salman Iqbal have been apprehended for further investigation to find out who was the mastermind of this whole episode to target the Punjab chief minister.

The SECP handed over this case to FIA and Punjab government and afterwards both started investigation into the matter in the light of available evidence provided by the SECP. 

A well-placed source has informed The News that FIA has started its investigation to ascertain whether the $17.5 million transferred to the Chinese company Jiangsu Yabaite Technology through 16 different foreign companies came from Pakistan or not and who was the mastermind of this whole plot.

Though, the puzzle created by a Chinese company Yabaite Technology Pvt Ltd about its Pakistani partner Capital Engineering & Construction Co Pvt Ltd has been solved. According to The News’ investigation the Chinese company Yabaite’s owners along with their local cronies actually applied for registering Capital Engineering in the SECP but it was rejected due to some objections to its name.

However, it is a big task for FIA to ascertain who managed the fake letters of Punjab chief minister, who is Faisal Subhan and whether Senator Kulsoom Perveen wrote her letter of appreciation by herself or it too was fake and forged.

The FIA, as well as the Punjab government also need to probe whether the Chinese company Jiangsu Yabaite is a genuine company or some Chinese nationals have been used as front men of this company for a specific purpose. This whole episode of Chinese company creates some doubts as it seems that the unusual transaction of money was a deliberate attempt just to attract the CSRC attention towards it. When the CSRC after detecting an unusual transaction in the Chinese company’s account asked the source of money, the company without any hesitation named the Punjab government. Not only it named the Punjab government but even it alleged that its Pakistani partner company Capital Engineering and Construction’s real owner is Shahbaz Sharif. However when The News probed this matter, the whole plot was exposed and the attempt to target Shahbaz Sharif has also been flopped. Though the plot has been exposed, its mastermind is yet to be identified.