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January 6, 2021

FIA books Utility Stores officer for money laundering

National

January 6, 2021

KARACHI: The Federal Investigation Agency’s Corporate Crime Cell (CCC) has registered a case of money-laundering against an officer of the Utility Stores Corporation (Pvt) for allegedly laundering of money through his personal bank account and then purchasing properties. Muneer Ahmad, an officer of Utility Stores Corporation, is already confined to the Central Jail, Karachi, under FIR No.22/2020 registered in Oct by FIA CCC, Karachi, for embezzling millions of rupees from the national exchequer.

The FIA sources said it is the first independent case of money laundering after laundering became a cognizable offense, following reforms in the Anti-Money Laundering (AML) Act 2010 in 2020.

According to the FIA’s documents, the accused, Muneer Ahmed, allegedly embezzled Rs22.2 million from Pakistan Secretariat Store, Utility Stores Corporations (Pvt) Limited, and deposited the same in his private bank account, and purchased properties.

During the investigation, it was found that Muneer Ahmed Khan, former Warehouse In-charge (Commodities), USC (Pvt) Limited, laundered proceeds of crime generated from misappropriation and embezzlement funds of USC (Pvt) Limited, by depositing money in his personal bank account at the United Bank Limited, Korangi K-Area branch, Karachi. Khan layered the proceeds of crime, by transferring them to different bank accounts. Later, he acquired two plots worth millions of rupees in Karachi.

According to FIA, Khan since generated the proceeds of crime from predicate offense registered under the Anti Money Laundering (AML) Act, 2010, and subsequently laundered the proceeds of crime by acquiring two properties, thereby, he committed money laundering punishable under the sections of 3 and 4 of Anti Money Laundering (AML) Act 2010. The case was registered by Inspector Ayub Mangrio and would be investigated by Inspector Shabeer Chandio of Corporate Crime Circle of FIA.