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Tuesday, July 16, 2024

Jahangir Tareen & son get relief in money laundering case

The orders were passed after the FIA submitted a report stating that allegations of money laundering were not proved in the inquiry.

Estranged PTI leader Jahangir Khan Tareen and his son receive a clean chit in the money laundering case against them as the Federal Investigation Agency (FIA) stated that the allegations were not proven.

According to the details, a Judicial Magistrate of Lahore on Friday ordered to quash the money laundering case registered against Jahangir Tareen and his Ali Tareen.

The orders were passed after the FIA submitted a report stating that allegations of money laundering were not proved in the inquiry, and all the transactions were done in accordance with the Security Exchange Companies of Pakistan Act.

Read more: Jahangir Tareen group announces support for PML-N’s Hamza Shehbaz

Moreover, the accused have provided documentary evidence regarding the transactions of all the amounts, thus proving that the allegations against them were not true.

Pertinent to mention that the FIA registered two separate cases against the father and son duo over the charges of allegedly committing fraud and money laundering worth Rs3.14 billion.

The cases against them were registered under PPC Sections 406 (criminal breach of trust), 420 (cheating of public shareholders), and 109 of the Pakistan Penal Code (PPC), read with Sections 3/4 of the Anti-Money Laundering Act.

One of the complaints states that Tareen fraudulently misappropriated shareholder’s money after his company — JDW group — transferred Rs3.14 billion to an associated private company identified as Farooqi Pulp Private Limited (FPML). The FIR stated that the private company is owned by his sons and close relatives.

In the second FIR, the investigation agency said “voluminous withdrawals amounting to at least Rs2.2 billion were fraudulently and dishonestly made through a trusted cash rider.” It noted that Amir Waris, employed as a cashier at JDW’s Corporate Head Office, deposited large amounts into the personal and business accounts of Tareen and his family members.

Meanwhile, Jahangir Tareen had resolutely maintained that FIA accusations against him and his family were “totally fabricated”.

“I have already submitted a detailed reply along with concrete evidence in response to the FIA notice. Unfortunate to see them go on another smear campaign against me & my family without establishing anything illegal,” he said.

Read more: PML-N denies calling Jahangir Tareen “sugar thief”?