A press assertion issued by the FIA stated that it was investigating the PTI chief on allegations of “legal 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 business invoices wherever relevant” of the plant, equipment and tools, any mounted belongings, shops, spares and free instruments and intangible belongings owned by JKFSL as of November 20, 2013.
The company has additionally sought the impartial valuation report of JKFSL which was executed 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 value’, causes for not measuring the value at arm’s size and the monetary influence thereof (as required by Para 13 of 4th Schedule to Corporations Ordinance 1984),” stated the FIA.
The investigating company additionally sought the “engagement letter” JDW had fashioned for the “valuation of JKFSL belongings” by Unicorn Worldwide Survoyers.
Aside from this, the FIA desires the whole particulars of the 35,000 acres of farmland owned by the PTI chief. It added that the knowledge have to be “right to acres, owned by or underneath lease of JDW clearly exhibiting plot-size, location together with title and lease deeds”.
“MCIB-JDW paperwork (Engagement Letter, Correspondence & Financial institution’s Stories) pertaining to engagement of JDW with MCB Funding Financial institution in 2012/2013) that instructed an injection of Rs2/3 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 element of overseas belongings 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 “belongings have been declared to FBR or not, acquired by or on behalf of the then CEOs JDW and JKFSL or their relations”.
“The main points ought to embrace full description of belongings, location, mode and price of acquisition together with cash path,” stated the FIA.
The FIA reminded the Tareens that that they had failed to supply 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 had 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 supply the related document” will lead the FIA to imagine that the omission is deliberate. It added that the investigation “will [then] proceed on the idea of documentary proof accessible on information”.
An FIA Lahore investigation staff 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 value 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, had been “patently fraudulent investments which in the end translated into private beneficial properties” for Jahangir’s household. Some Rs3 billion had been invested and laundered via the identical manufacturing facility.
The FIR outlines when and the way FPML was made again in 1991.
It consists of sections 406, 420 and 109 of the Pakistan Penal Code with Part 3/4 of Anti-Cash Laundering Act, 2010. Rana M Shawaz is the investigation officer.