Corporate fraud, money-laundering: FIA seeks details of Tareen’s assets in UK

LAHORE: The Federal Investigation Agency (FIA) has summoned Jahangir Khan Tareen (JKT) and his son Ali Khan Tareen again for April 13 (today) in the alleged corporate fraud and money-laundering cases against the father-son duo. The agency also summoned JWD group’s secretary Shahid Saleem Rana for the same day.

Earlier, on April 9, JKT and Ali Tareen had appeared before the FIA and recorded their statements. However, the FIA had termed their replies dissatisfactory.

In the fresh call-up notice, the agency asked them to provide answers of eight questions. However, in-person presence of father-son duo is not mandatory as per the call-up notice. Both can submit their replies through company secretary Shahid Saleem Rana. The FIA has asked Tareens to provide complete inventory, with commercial invoices wherever applicable, of the plant, machinery and equipment, any fixed assets, stores, spare and loose tools and intangible assets, owned by the JK Farming Systems Ltd (JKFSL) as of November 20, 2013.

The second question asks for providing JKFSL valuation report, prepared by the audit company AF Ferguson & Co. The FIA asked JKT to provide “Annual (audited) financial statement where a true and clear disclosure has been made by JDW (prepared by Kamran lqbal Yousafi FCA, KPMG-Taseer Hadi & Co-Chartered Accountants) vis-à-vis choosing a pre-meditated 'non-arms length purchase price', reasons for not measuring the price at arm's length and the financial impact thereof (as required by Para 13 of 4th Schedule to Companies Ordinance 1984).”

The investigating agency also sought the “engagement letter” the JDW had formed for “valuation of JKFSL assets” by Unicorn International Surveyors.

The FIA further directed Tareens to provide complete details of the 35,000 acres of farmland owned by them. The FIA said that the information must be “correct to acres, owned by or under lease of JDW, clearly showing plot-size, location along with title and lease deeds”.

Tareens have been asked to provide documents related to engagement of JDW with MCB Investment Bank in 2012-2013) that suggested an injection of Rs2-3 billion in the FPML as disclosed by Jahangir Khan Tareen (then) CEO JDW in his statement given to FIA on April 9 2021.

JKT and son have been asked to provide details of their foreign assets including the family-owned 12-acres Hyde-House in New Hampshire.

The FIA, in the notice, said the said house was mentioned by the then CEO of JKFSL Ali Tareen in his statement given to the FIA on April 9, 2021. It asked Tareens to mention if the “assets have been declared to the FBR or not, acquired by or on behalf of the then CEOs JDW and JKFSL or their family members”.

The Agency asked the accused to appear before the investigation team on April 13 (today) at 10am. As per cases against Jahangir Tareen and Ali Khan Tareen, the FIA had registered two separate cases against father-son duo over the charges of allegedly committing fraud and money-laundering worth Rs3.14 billion.