Money laundering case against Jahangir Tareen and his son dismissed
The money laundering case against Jahangir Tareen and his son has been dismissed!
The development comes on Friday as a local court in Lahore quashed a case involving the father-son duo in connection with alleged money laundering and fraud.
The judicial magistrate Ghulam Murtaza Virk in the written verdict has ordered the Federal Investigation Bureau (FIA) to dismiss the case against the estranged PTI leader Jahangir Tareen and his son Ali Tareen.
“In view of the report submitted by the investigation officer in the case, the court ordered to cancel the first information report (FIR),” read the verdict.
“According to the report, all the transactions have been done in accordance with the law of the Securities and Exchange Commission of Pakistan (SECP),” it added.
As per the above-mentioned report, no allegation of money laundering or dollars transfers through illegal manes was found true, the court observed.
In its report, the investigation officer confirmed that the charges against Tareen and his son were false.
Jahangir Tareen and his son were charged with alleged fraud and money laundering in March 2021.
FIA Lahore investigation team registered a case of alleged fraud of Rs3.14 billion on March 22 against Jahangir Tareen and his son.
As per the filed FIR, Tareen allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son and close relatives.
FIR stated that the transfers, especially after 2011-12, were “patently fraudulent investments which ultimately translated into personal gains” for Jahangir’s family. Some Rs3 billion were invested and laundered through the same factory.
The FIR outlined when and how FPML was made back in 1991.
It includes sections 406, 420 and 109 of the Pakistan Penal Code with Section 3/4 of the Anti-Money Laundering Act, 2010. Rana M Shawaz will be the investigation officer.
However, Jahangir Tareen had termed the allegations by FIA “baseless”.
He said a private audit firm had already validated the accounts of his companies.
Jahangir Tareen added that all the shares were transferred in accordance with the law.