LAHORE: Famous industrialist and politician Jahangir Khan Tareen (JKT) said on Thursday that he had the support of 40 members of parliament (MPs).
After hearing about a case of corporate fraud and money laundering against him here, he shared a recent event with the media, saying that the day before some people from Islamabad had contacted him and assured him that his group would meet with Prime Minister Imran Khan in a few days. He said his entire group would find only Imran Khan.
About any political committee being formed to start conversations with him, JKT said he had heard of such a committee on television and no member of such a committee contacted them. It bodes well if any pleasant wind blows from Islamabad, added JKT. He further demonstrated his satisfaction by saying that “soon our entire group will go to Islamabad to meet with the Prime Minister”.
Regarding his relationship with Prime Minister Khan, Tareen said he had a 10-year relationship with Imran Khan, who was not weak. Regarding the cases against him, Jahangir Tareen said that there were fake FIRs and nothing belonged to the FIA. He said the shareholders were not plaintiffs in the lawsuits against him. “Everyone is happy with me and my cases are not criminal in nature,” said JKT. He said that these cases fall within the domain of the SECP and the FBR. “My business was also investigated during the PML-N term and I received warnings,” added JKT. However, “now civil lawsuits have been turned into criminal lawsuits, which PML-N did not even do,” Tareen filed his complaint. “I am not to blame and these cases do not belong to the FIA,” reiterated JKT.
Previously, a district court and additional sessions on Thursday extended the pre-arrest bail of Jahangir Tareen and his son Ali Khan Tareen until May 3, in a case of alleged corporate fraud and money laundering, filed by the Federal Securities and Exchange Agency. Research (FIA).
The district and additional sitting judge, Hamid Hussain, conducted the hearing. Tareens’ lawyer informed the court that his clients were cooperating with the agency, but the agency had not yet completed the investigation against his clients.
The FIA investigating officer also informed the court that an investigation against the two defendants was underway. To which, the judge asked about the investigation report against Tareens. The IO replied that the investigation was confidential for the time being and required time until the report was completed.
The court extended Tareens’ interim bail until May 3 and instructed the FIA to present details of JKT’s accounts at the next hearing. According to the FIR against the Tareen family, the FIA stated that during the course of the investigation, a fraudulent and premeditated scheme for the embezzlement of public shareholders’ money by Jahangir Khan Tareen came to light, through which the JDW listed company – CEO Jahangir Tareen) fraudulently transferred INR 3.14 billion to a private member company, Farooqi Pulp Mills Ltd Gujrat (FPML), owned by his son and close relatives.
“The material disclosed that the FMPL has been declared ‘not operating’ (especially since the 2011/12 fiscal year) and that its operations have practically ended with several failed tests. It was intentionally withheld / concealed from JDW’s public shareholders, which resulted in a criminal breach of trust (406 PPC) of public shareholders’ money over which Jahangir Khan Tareen had fiduciary control as CEO, “said the FIR.
“A corporate fraud of Rs3.6 billion was committed by JDW through the overvalued purchase of the associated company JK Farming Systems Ltd and accounting losses through it, a corporate fraud of Rs3.1 billion was committed by JDW through the investment in Celulose Farooqi Ltd and recording impairment losses through it, unexplained transfer of INR 2.5 billion by JDW through non-armed money transfers to various sister entities through cash boy Amir Warsi, unexplained transfer of INR 7 billion was committed by JDW to Dherki Sugar Mills (not transferring money from the weapon) without full and true disclosure in the financial statements, ”said the FIA.