FIA registers Rs6.6 billion fraud case linked to biscuit manufacturer, names directors and bank officials

The Federal Investigation Agency has registered a case involving alleged fraud of over Rs6.6 billion against multiple individuals, including company directors and bank officials, The Express Tribune reported. 

According to the first information report, the accused opened benami bank accounts using identities of other individuals and routed sales proceeds of a private biscuit manufacturing company through these accounts to evade taxes.

Investigators said funds were initially deposited into accounts at one commercial bank before being transferred to accounts at another bank, where large cash withdrawals were made.

The inquiry found that proxy signatures were used to operate accounts despite biometric verification, while a bank official allegedly facilitated the opening and management of these accounts.

The agency stated that the scheme resulted in significant losses to the national exchequer through tax evasion.

The case has been registered under multiple sections of the Pakistan Penal Code and the Prevention of Corruption Act.

The Federal Investigation Agency said a bank official has been arrested, and further investigation is underway to identify additional individuals involved.