FIA books Innovative Biscuits directors in Rs6.62 billion fraud case involving money laundering, benami accounts, tax evasion, and banker links, with arrests and raids underway.
WEBDESK – MediaBites News – Courtesy: Tech Juice
In a major crackdown on alleged white-collar crime, the Federal Investigation Agency (FIA) has registered a high-profile case against directors of Innovative Biscuits Private Limited and a bank official over a staggering Rs6.62 billion fraud, money laundering, and tax evasion scandal.
The case, filed by FIA’s Commercial Banking Circle (CBC) Lahore, names seven suspects, including senior company executives and banking staff accused of orchestrating a sophisticated financial scheme to conceal billions in company sales proceeds.
How the scam allegedly worked
According to investigators, company directors allegedly diverted Rs6.62 billion generated from sales transactions instead of depositing the funds into officially declared corporate accounts.
Authorities say the money was shifted into separate banking channels before being transferred into benami accounts, from where large cash withdrawals were made to avoid regulatory scrutiny.
The key accused include Sheikh Munir Hussain, CEO and Director, and Amir Raza, Director and Proprietor, who are accused of masterminding the operation.
Bank officer under arrest
FIA says banker Mazhar Ejaz played a central role by facilitating account openings and linking suspicious transactions.
Investigators claim multiple proxy accounts were opened using CNICs of other individuals, including Abdullah Maqsood, Arsalan Ahmad, and Maqsood Ahmad.
Forensic findings reportedly revealed that while accounts were opened using genuine biometric verification and standard signatures, they were later operated through proxy signatures.
One of the most striking revelations in the case is that five pay orders worth Rs92 million were allegedly issued in favor of one suspect through these accounts.
Massive loss to national exchequer
Officials say the fraud caused millions of rupees in losses to the national exchequer through alleged tax evasion and hidden financial flows.
The FIA has invoked serious criminal charges under multiple sections of the Pakistan Penal Code, including fraud, forgery, criminal breach of trust, fake documentation, and corruption-related provisions.
Raids underway
Bank officer Mazhar Ejaz has already been arrested, while FIA teams are conducting raids to apprehend the remaining accused.
Investigators are also examining whether other bank officials, company employees, or private individuals were part of the network.
Corporate scandal widens
The case is being seen as one of the most significant recent corporate fraud investigations in Lahore, raising fresh questions about internal banking controls, corporate governance, and tax enforcement.
With arrests underway and more names likely to surface, the Rs6.62 billion Innovative Biscuits scandal could become one of the biggest financial fraud cases of the year.
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