In a major relief to renegade PTI leader Jahangir Tareen and his son ahead of the elections, a local court in Lahore on Friday dismissed a case against the duo in connection with alleged money laundering and fraud.
In his written judgment, Judicial Magistrate Ghulam Murtaza Wark ordered the Federal Bureau of Investigation (FIA) to drop the case against the father and son.
In view of the report submitted by the investigating officer in the case, the court read the judgment and ordered to quash the First Information Report (FIR).
According to the report, all transactions have been conducted in accordance with the Securities and Exchange Commission of Pakistan (SECP) Act.
The court said that according to the report, no allegation of money laundering or illegal transfer of dollars was found to be true.
The investigating officer in his report confirmed that the allegations against Tareen and her son are false.
The CaseÂ
In March 2021, Jahangir Tareen and his son were charged with alleged fraud and money laundering.
The investigation team of FIA Lahore had registered a case against him on March 22 for an alleged fraud of Rs 3.14 billion.
Tareen allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), owned by his son and close relatives, the FIR said.
It says the transfer, especially after 2011-12, was a “clearly fraudulent investment that ultimately turned into personal gain” for Jahangir’s family. About 3 billion rupees were invested and laundered through this factory.
The FIR mentions when and how the FPML was formed in 1991.
It includes Sections 406, 420 and 109 of the Pakistan Penal Code including Sections 3/4 of the Anti-Money Laundering Act 2010. Rana M. Schwaz will be the Investigating Officer.
However, Jahangir said that the FIA’s allegations are baseless. He said that a private audit firm had already verified the accounts of his companies. He added that all the shares were transferred as per law.
