Corporate fraud/money laundering case: Probe team summons Jahangir Tareen, son in person

ISLAMABAD: A Combined Investigation Team (CIT) has summoned PTI’s senior leader Jahangir Khan Tareen in person in a money laundering and corporate fraud case. A CIT of Federal Investigation Agency (FIA) and Security Exchange Commission of Pakistan (SECP) is conducting criminal inquiry/investigation of money laundering and financial/corporate fraud against various sugar mills, relevant entities/individuals.

"As per information/evidence available with the CIT, you (Jahangir Khan Tareen) are cognizant of facts pertaining to the probe," read a notification served on senior PTI's leader Jahangir Khan Tareen.

The CIT has also summoned Ali Khan Tareen, son of Jahangir Khan Tareen, in the same inquiry No 134/2020. Jahangir Khan Tareen has been asked to appear before investigators on Saturday (Sept 19, 2020) while his son was served call-up notice for Friday (Sept 18, 2020).

"Failure to comply with this legal notice will entail that you [Mr Tareen] have nothing to say in your defence and the CIT may proceed to take cognizance against you on charges of misappropriations, financial fraud and money laundering on the basis of evidence available against you," investigators wrote to Mr Tareen.

"You [Jahangir Khan Tareen & Ali Khan Tareen] are hereby called upon to appear (in person) before the Combined Investigation Team and answer such questions as many be put to you truthfully and honestly on [said dates respectively] at FIA Office Lahore," read the notification.

The (in person] CIT notice has been served on Jahangir Khan Tareen at a time when he has been living abroad by choice for months. Officials asked Mr Tareen to bring along all documentary evidence in support of claim pertaining to his said companies.

Official sources told this correspondent the accused Jahangir Khan Tareen is required to explain the due diligence measures (as per statutory financial prudence standards that he took or failed to undertake) in the purchase of his private assets by a listed public limited company (JWD) which was under his fiduciary control at an exorbitant/inflated value of Rs4.35 billion.

Officials associated with this investigation also revealed that the accused, both the son and father, are required to explain the due diligence measures (as per statutory financial prudence standards) they took (or failed to undertake) while making huge investments amounting to Rs3.15 billion in a private but related company (Faruki Pulps Mills Limited) by a listed public company (JDW) which was under Tareen's fiduciary control.

Officials further revealed that Mr Tareen is asked to explain the huge cash withdrawal amounting to Rs2.2 billion from the accounts of public listed company under his fiduciary control through his trusted cash boys and its personal utilisation without true documentation in the books of accounts.