The Federal Investigation Agency has officially registered a First Information Report against several high-profile individuals, including directors of a private manufacturing firm and multiple bank officials, in connection with a massive fraud totaling more than Rs 6.6 billion. The case revolves around an elaborate scheme involving the creation and operation of benami bank accounts. According to the investigation, the accused used the identities of unsuspecting individuals to open these accounts, which were then utilized to route the sales proceeds of Biscuits Manufacturing Private Limited Company. This illicit financial maneuver was primarily designed to conceal the company’s actual revenue and evade substantial tax liabilities.
Detailed findings from the investigative team revealed a sophisticated multi-layered process for moving the illicit funds. The money was initially deposited into various accounts held at a prominent commercial bank. From there, the funds were transferred to another financial institution where large-scale cash withdrawals were executed to break the paper trail. This method allowed the perpetrators to extract billions of rupees from the formal economy while keeping the transactions hidden from the Federal Board of Revenue. The FIA has characterized this as a significant blow to the national exchequer, as the systematic tax evasion deprived the state of essential revenue.The inquiry further exposed a complete breakdown of internal banking controls and the active participation of industry insiders.
Investigators discovered that proxy signatures were frequently used to operate the benami accounts, even though genuine biometric verification protocols were supposedly in place. A specific bank official has been identified as a central figure in the scam, allegedly facilitating the opening and management of these fraudulent accounts in direct violation of Anti-Money Laundering and Know Your Customer regulations. The FIA stated that the involvement of banking staff was crucial in bypassing the red flags that should have alerted the institutions to such high-volume, suspicious activities.In a recent update on the case, the FIA confirmed that the implicated banker has been arrested and is currently in custody for interrogation.
The FIR has been registered under various sections of the Pakistan Penal Code and the Prevention of Corruption Act, reflecting the serious nature of the financial crimes involved. Authorities are now expanding the scope of the investigation to determine if other bank employees or government officials provided support to the biscuit manufacturer. This crackdown is part of a broader federal effort to target large-scale tax evaders and those who utilize the banking system to facilitate undocumented wealth, with further arrests expected as the forensic audit of the accounts continues.
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