FIA, SECP start probing assets of billionaire Jehangir Tareen

ISLAMABAD: A joint investigation team of FIA and SECP is desperately probing the assets, known or unknown, of billionaire Jehangir Khan Tareen (JKT) and in the process have approached all those public and private entities who may have information about JKT's wealth and businesses’ record.

At least 19 authorities and private entities have been formally issued notices as part of the FIA/ SECP inquiry into money laundering and corporate fraud allegations against JKT. Notices have been issued while citing the findings of sugar inquiry commission, 2020.

Information sought covers almost everything that JKT possibly owns, and everyone surrounding him including his family members and key employees.

In most of these notices, a list of 22 persons and companies associated with JKT, has been attached. The FIA/SECP want every detail including bank accounts, shares, properties, companies and their entire record, income and wealth tax returns, outward remittances, fixed deposits, credit cards, running finances, list of lockers, etc.

The list of 22 include Jehangir Khan Tareen, Ali Khan Tareen, Mrs Amna Tareen, Mariam Tareen Sethi, Mehar Tareen, Sehar Khan Tareen, Princely Jets, Universal Brothers, Ayn Traders, AlKareem International Travels, Muhammad Radique, Maqsood Ahmad Malhi, Waleed Faruki, Rana Naseem, Syed Ahmad Mehmood, Syed Mustafa Mehmud, Hasan Muneeb, AlSiraj Welfare, Rana Uzair Naeem, Belal Jabbar, Sajjad Ahmad Fakhri and Amir Waris.

Chairman Capital Development Authority, Director General, Lahore Development Authority, Deputy Commissioner Islamabad, Deputy Commissioner Multan, Deputy Commissioner Rahimyar Khan, Deputy Commissioner Lahore, the Administrator Bahria Town, Karachi, and the administrative Bahria Town, Lahore, have been told to provide the information of all immovable properties in a private or cooperative housing society in their respective jurisdiction or under their regulatory control about the 22 persons and companies named.

“You are hereby requested under section 25 Anti-Money Laundering Act 2010, to provide list of all immovable properties, which are or have been held by the individuals listed below, as owner or attorney,” these notices issued on August 17 read.

The Chief Commissioner (IR), Large Tax-Payer Unit, Lahore, has also been shared the list of 22 persons and entities with the request that copies of their annual income tax and wealth tax returns be provided.

The State Bank of Pakistan (SBP) has also been contacted for information relating to “outward foreign remittances” made by the said 22 persons/ companies whether through any commercial bank operating in Pakistan or any of the exchange companies registered with the SBP.

The Financial Monitoring Unit (FMU) director general, the SBP has also been told to provide information with respect to all STRs (banks report of suspicious transactions) raised for the period of 2010 till date related to companies/ individuals: JWD Sugar Mills, ATF Mango Farms, Faruki Pulp Mills, JK Farming Systems Limited, Jehangir Khan Tareen, Ali Khan Tareen, Muhammad Rafiq, Mehar Tareen, Sehar Tareen, Rana Naseem, Maqsood Ahmad Malhi, Syed Ahmad Mehmood, Syed Mustafa Mehmood, Amir Waris, Princely Jet, AKT Sugar Mills, JK Dairies, Waleed Faruki, Alliance Sugar Mills Pvt. Ltd; RYK Mills Limited; Axe Capital Limited; Cascade Tek Pvt Limited; Asad Hussain; Safa Asad; Moonis Elahi; Zahra Ali Elahi; Munir Hussain; Wajid Ahmad Khan Bhatti; Tehmina Sadiq Javaid; Makhdoom Omer Sheheryar; or any other company related to aforementioned group of companies and individuals.

Twenty-nine heads of different banks have also been sent notices for details regarding all banks accounts, including foreign currency accounts, fixed deposits, credit cards, running finances etc. List of lockers has also been sought.

The SECP chairman has been requested to provide with respect to Faruki Pulp Ltd information including i) any inquiry, proceedings or audit initiated by the SECP with respect to the investment made by the JWD Group in Faruki Pupl Mills Ltd or the impairment losses booked in this regard, whether any enforcement actions were taken subsequently or not; ii) any other inquiry, proceeding, audit initiated by the SECP with respect to Faruki Pulp Mills Ltd or JDW, whether any enforcement actions were taken or not; iii) Any special audit conducted or ordered to be conducted; iv) Annual (audited) financial statements of Faruki Pulp Mills Ltd since its incorporation.

The SECP chairman has also been told to provide Incorporation Certificate, Certificates of Commencement of Business, Latest Form-A (Annual Return of Company), Form 28, 29 for last five years and Annual (Audited) Financial Statement of the following companies, Faruqi Pulp Ltd, JDW Sugar Mills Ltd, ATF Mango Forms Ltd, Debarki Sugar Mills Pvt Ltd, JK Dairies Pvt Ltd, Princely Jets Pvt Ltd; Universal Brothers Pvt Ltd, Ayn Traders, Al Siraj Welfare, JK Sugar Mills Pvt Ltd, JK Agri Farms and AKT Sugar Mills.

The chairman has also been requested to provide information about the directors of the companies and the persons named in the list of 22 alongwith the details of their assets, stocks, shares, units, debentures etc.

The heads of Bank of Punjab and Faysal Bank were also approached for information regarding loans extended to JDW Sugar Mills for the purpose of JK Farming Systems Ltd or any other business entity; complete set of credit facility approval documents, correspondence, email communication; copies of evaluation reports of any collaterals related to these loans; all loan agreements alongwith rescheduling, amendments of bank with JDW Sugar Mills; list and life time statement of bank accounts which were used for the disbursement of loans/ credit facility by the bank for JDW and list/ lifetime statement of bank accounts used for recuperation/ repayment of loans by JDW to the bank; and, repayment schedule of loans/ credit facilities.

The Chief Executive Officers, Control Depository Company, Karachi has also been approved to provide CDC Activity Report and CDC Balance Report about these 22 persons/ entities besides furnishing details of investments made by the individuals where they are appearing as nominee or joint account holders.

In a separate call up notice issued to Chief Financial Officer JDW Muhammad Rafique, the FIA/ SECP team sought details of original books of account/ ledgers and vouchers of JDW related to cash handed over to Aamir Waris for the period from 2017 to date, and all sales and purchases of goods and services by the company through Amir Waris for the period 2017 to date.