Jahangir Tareen, the leader of the Pakistan Tehreek-e-Insaf, has been charged with fraud and money laundering.
On March 22, a Federal Investigation Agency (FIA) Lahore investigation team filed a lawsuit against them for a suspected Rs3.14 billion scam.
Jahangir Tareen is accused of transferring fraudulent shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son and close relatives, according to the FIR.
According to the paper, the transactions were “patently fraudulent investments that eventually transformed into personal benefits” for Jahangir’s family, particularly after 2011-12. The same factory was used to spend and launder Rs3 billion.
The FIR describes how and why FPML was created in 1991.
Sections 406, 420, and 109 of the Pakistan Penal Code, as well as Section 3/4 of the Anti-Money Laundering Act, 2010, are included. The officer in charge of the investigation will be Rana M Shawaz.
Jahangir Tareen terms allegations as baseless
Jahangir Tareen has termed FIA’s accusations as “baseless.” He said that his companies’ finances had already been validated by a private audit company.
According to the PTI chairman, all of the shares were exchanged in compliance with the legislation and accounting regulations.
The investigation report and Sugar crisis of 2020
Premier Imran Khan, last year had given a task to FIA and ordered it to investigate the sugar crisis issue across the country and find out who took advantage of it.
The FIA’s repost that was realized a year ago divulged that PTI’s significant leaders were found to have a hand in the crisis who has their fair share of advantage.
FIA’s report said that one of the leaders was Jahangir Tareen and Khusro Bakhtiara’s brother who was Minister for National Food Security in 2020.
According to the report, Tareen has benefited the most from the sugar crisis after Bakhtiar’s brother.
It was also claimed in the investigation report that companies belonging to Moonis Elahi — an ally of the party — also took advantage of the sugar crisis. Elahi is Chaudhry Pervaiz Elahi’s son and a significant member of the PML-Q.