The Federal Investigation Agency’s (FIA) Corporate Crime Circle has arrested a suspect in Lahore wanted in a major corporate fraud case, involving alleged collusion with officials from the Securities and Exchange Commission of Pakistan (SECP), according to media reports.
Shehzada Alamgir, the arrested individual, was detained by the FIA during a raid in Lahore. The agency reports that Alamgir forged documents to unlawfully transfer 51% of a company’s shares, worth millions, into his name.
He also fabricated the minutes of the company’s Annual General Meeting to facilitate the election of directors and used a counterfeit Consent of Change document to unlawfully remove the CEO, with alleged assistance from SECP staff.
The suspect had been evading capture for some time, and additional raids are ongoing to apprehend other individuals involved in the scheme.
Meanwhile, in Islamabad, the FIA arrested three former officers from Railway Constructions Pakistan Limited (RAILCOP) in connection with a fraud case worth over Rs1.16 billion.
The suspects—Syed Najam Saeed, Muhammad Zubair Hussain, and Mehr-un-Nisa—are accused of submitting fake bank guarantees to facilitate the release of funds from RAILCOP.
They collaborated with Irfan Hamid Khan, the chairman of Indus Valley Industrial Junction (IVIJ), to create 14 fake guarantees using private banks, resulting in the illegal release of Rs164.9 million in commission. The suspects are facing legal proceedings, with further raids underway to arrest their accomplices.
Additionally, the FIA arrested three officials from the Ministry of Kashmir Affairs and Gilgit-Baltistan for their involvement in the illegal registration of government plots in Jhelum. Abdullah Khan, Maqsood Ahmed, and Nasir Hayat were accused of violating allotment deed rules by unlawfully allocating plots to non-Kashmiri individuals. Investigations are ongoing to identify other individuals involved in the illegal activities.
The FIA has vowed to continue legal action against all those involved in these criminal activities.
All three cases are under investigation, and the FIA continues to pursue legal action against those involved.
