FIR Registered Over Rs6.6bn Benami Fraud Involving Directors & Bank Officials

Federal Investigation Agency (FIA) has registered an FIR against several individuals, including company directors and bank officials, in connection with a fraud case involving over Rs6.6 billion.

The FIR alleges that the accused opened benami accounts using other individuals’ identities to funnel sales proceeds of Biscuits Manufacturing Private Limited Company through these accounts, evading taxes.

Investigations revealed that funds were initially deposited into one commercial bank account and then transferred to another for large cash withdrawals. Proxy signatures were used despite genuine biometric verification, with a bank official allegedly playing a key role in the process.

The FIA stated that this scheme caused significant losses to the national exchequer through tax evasion. The FIR has been registered under multiple sections of the Pakistan Penal Code and Prevention of Corruption Act, with further investigations underway to determine other officials’ involvement.