The Federal Investigation Company (FIA) has summoned PTI chief Jahangir Tareen and his son Ali Tareen tomorrow to reply to eight questions, with the related paperwork regarding JDW.
A press assertion issued by the FIA stated that it was investigating the PTI chief on allegations of “felony breach of belief, monetary fraud and cash laundering by JDW and its associated firms JKFSL & FPML, since August 8 2020”.
The FIA stated that it desires to see the “full stock, with industrial invoices wherever relevant” of the plant, equipment and gear, any fastened property, shops, spares and unfastened instruments and intangible property owned by JKFSL as of November 20, 2013.
The company has additionally sought the unbiased valuation report of JKFSL which was achieved by the audit firm AF Ferguson & Co.
“Annual (audited) monetary assertion the place a real a transparent disclosure has been made by JDW (ready by Kamran lqbal Yousafi FCA, KPMG-Taseer Hadi & Co Chartered Accountants) vis-a-vis selecting a pre-meditated ‘non-arms size buy worth’, causes for not measuring the value at arm’s size and the monetary affect thereof (as required by Para 13 of 4th Schedule to Firms Ordinance 1984),” stated the FIA.
The investigating company additionally sought the “engagement letter” JDW had fashioned for the “valuation of JKFSL property” by Unicorn Worldwide Survoyers.
Other than this, the FIA desires the entire particulars of the 35,000 acres of farmland owned by the PTI chief. It added that the knowledge should be “right to acres, owned by or underneath lease of JDW clearly displaying plot-size, location together with title and lease deeds”.
“MCIB-JDW paperwork (Engagement Letter, Correspondence & Financial institution’s Reviews) pertaining to engagement of JDW with MCB Funding Financial institution in 2012/2013) that urged an injection of Rs2/Three Billion in FPML as disclosed by Jahangir Khan Tareen (then) CEO JDW in his assertion given to FIA on April 9 2021,” stated the FIA.
The company has requested the PTI chief to share the main points of international property owned by him and his son within the UK and different international locations, together with the “family-owned 12-acres Hyde-Home in New Hampshire”.
The FIA stated that the home was talked about by then CEO of JKFSL Ali Tareen in his assertion given to FIA on April 9 2021. It has requested that the Tareens point out if the “property have been declared to FBR or not, acquired by or on behalf of the then CEOs JDW and JKFSL or their members of the family”.
“The small print ought to embrace full description of property, location, mode and price of acquisition together with cash path,” stated the FIA.
The FIA reminded the Tareens that they’d failed to provide the paperwork regardless of “repeated summons and requests despatched to JDW, JKFSL & FPML officers”. It added that the CEO/ CFO/ Co. secretary had knowledgeable the FIA that the transactions have been with the PTI chief and his son.
The FIA stated that Jahangir and Ali must seem earlier than it on Tuesday, April at 10:00am.
The FIA warned that “non-compliance” of the “name up discover and continued failure to provide the related document” will lead the FIA to consider that the omission is deliberate. It added that the investigation “will [then] proceed on the premise of documentary proof out there on data”.
An FIA Lahore investigation group registered a case of alleged fraud of Rs3.14 billion on March 22 in opposition to Jahangir and Ali.
The FIR states that Jahangir allegedly transferred unlawful shares price billions of rupees to Farooqi Pulp Mills Restricted (FPML), which is owned by his son and shut family.
It says the transfers, particularly after 2011-12, have been “patently fraudulent investments which in the end translated into private beneficial properties” for Jahangir’s household. Some Rs3 billion have been invested and laundered via the identical manufacturing facility.
The FIR outlines when and the way FPML was made again in 1991.
It contains sections 406, 420 and 109 of the Pakistan Penal Code with Part 3/four of Anti-Cash Laundering Act, 2010. Rana M Shawaz is the investigation officer.