A banking court in Karachi has directed the Federal Investigation Agency (FIA) to take action in a criminal default case filed by JS Bank Limited, resulting in raids at the residences of directors of Bari Textile Mills (Private) Limited.
Acting on warrants issued by Banking Court-I, FIA officials, with police support, carried out the raids on Thursday. The warrants were issued against Muhammad Naqi Bari, Muhammad Danish Naqi Bari, Ather Muhammad Naqi Bari, and Muhammad Tabish Bari.
According to banking and law-enforcement sources, Bari Textile Mills is accused of repeated defaults within the banking sector, with liabilities running into billions of rupees across multiple banks and financial institutions.
Officials said the company and its directors are facing several recovery cases, criminal complaints, and enforcement actions pending before banking courts, civil courts, and federal authorities.
Sources further revealed that the FIA has launched separate investigations into alleged money laundering and large-scale diversion of funds. It is claimed that bank financing was routed through complex transactions instead of being used for stated business activities.
Authorities describe the matter as an instance of deliberate default and financial misconduct, alleging misuse of public depositors’ funds, which has triggered coordinated action by banks, courts, and investigative agencies.