Farah Khan involved in dollar hoarding

ISLAMABAD: At a time when the dollar rate against the rupee was appreciating in Pakistan, Farhat Shahzadi aka Farah Khan was busy buying dollars from the market. Farah deposited $249,650 in cash in only nine months from January to September 2021 in her foreign currency account and failed to disclose the source of funds.

The Federal Investigation Agency (FIA) issued an inquiry notice to Farah Khan on December 4, 2021 against hoarding a huge amount of foreign currency into her account. However, despite passage of more than four months, the investigation against her into the USD hoarding inquiry made no progress. Sources informed The News that the FIA has mysteriously put the case against Farah Khan’s foreign currency hoarding on the backburner because of her close connections with high-ups.

In October 2021, the FIA served notices on 100 individuals and decided to investigate those who were allegedly involved in buying millions of dollars from different exchange companies in Lahore and hoarded the money or laundered it to other countries. Farah Khan was also one of those 100 individuals who were involved in hoarding or laundering the dollars.

The News sent a questionnaire to Director FIA Lahore Region Dr. Mohammad Rizwan, to which he replied, “Notices were given to 100 individuals who purchased USD in the last two years.” When he was asked specifically about Farah Khan’s case, Dr Rizwan said, “Specific details lie with the EO. I can check during the office timing.”

After the opposition leaders levelled serious allegations of corruption against Farah Khan, The News carried out a probe. The News investigation revealed that the wealth of Farah Khan grew exponentially within the first three years since Prime Minister Imran Khan formed his government. The total declared assets of Farhat Shahzadi grew four times from Rs231 million in 2017 to Rs971 million in 2021.

Her declared assets before Imran Khan came into power were reported to be worth Rs231,635,297 (Rs231 million) in 2017. However, within the first three years of Imran Khan’s government, Farah bought several properties in different cities and made investments worth hundreds of millions of rupees in different business sectors.

It is important to note here that Farah Khan is the closest friend of prime minister’s wife Bushra Bibi. The brief ceremony of the marriage of Imran Khan with Bushra Bibi also took place at Farah’s residence.

Farah Khan, as per the documents, also availed whitening of black money scheme (Tax Amnesty Scheme) in 2019 during PTI government and declared assets worth Rs328 million under the Tax Amnesty Scheme 2019.

The FIA Corporate Crime Circle Lahore on December 4, 2021 issued an inquiry notice No. CCC Circle/USD Inquiry/2020-21/534. Through this notice, Farah Khan was asked to explain the source of funds of this foreign currency.

“FIA Corporate Crime Circle Lahore is conducting an inquiry No70/2020 on USD hoarding/ shortage. As per credible information available with the investigation officer/ team, you deposited USD cash total amounting to USD 249,650 from 1st January to 30th September 2021. You are therefore, hereby required to appear in person or through a representative (Accountant only) on Tuesday 7th December 2021 at 10:30am at FIA office, 1-Temple Road, Lahore, without fail before the investigation team and bring along with relevant bank statements and inform this Agency whether the aforementioned foreign currency is presently held by you in your foreign currency accounts or otherwise. It is clarified that this legal notice does not entail the disclosing of the actual source of funds utilised for purchasing the aforementioned USD cash. A failure to comply will entail that you are unwilling to disclose the actual purpose of purchase of the USD cash,” the notice says.