BUREWALA: The Federal Investigation Agency (FIA) has arrested a suspect allegedly involved in a Rs65 million banking fraud case linked to a dairy food chain business dispute in Burewala.
According to the FIA Commercial Banking Circle Multan, accused Mian Muhammad Ahmad, son of Muhammad Rafiq and a resident of Burewala, was arrested during a raid conducted under the supervision of Deputy Director Hammad-ur-Rehman in connection with FIR No. 8/26.
The FIA alleged that the suspect, in collusion with other accused persons and certain bank employees, fraudulently opened accounts at two bank branches in Burewala using forged documents in the name of a dairy food chain business.
Investigators claimed that approximately Rs65 million belonging to the complainant was allegedly embezzled through the accounts. Officials said further investigation was underway and raids were being conducted to arrest other nominated suspects.
According to the complaint lodged with the FIA, businessman Maqsood Ahmad alleged that overseas Pakistani businessman Ali Abbas had entered into a 50 per cent partnership for establishing and operating the dairy food chain and related ventures in Burewala, where investments exceeding Rs360 million were allegedly made.
The complainant alleged that disputes later emerged over control of the company and its financial affairs. He claimed that forged partnership documents, fake land records and fabricated licences were used to open bank accounts through which more than Rs65 million was allegedly collected and transferred.
Maqsood Ahmad further alleged that despite formally informing the banks concerned about the disputed transactions, the funds were transferred instead of being frozen pending inquiry.
Meanwhile, Ali Abbas rejected the allegations and maintained that he himself had invested more than Rs257.8 million in multiple business ventures, including the dairy food chain, bakery outlets and related projects.
He alleged that financial transparency was not maintained in the partnership and claimed he was neither provided complete profit details nor granted proper access to financial and accounting records. He further alleged that serious discrepancies existed in banking documents, partnership records and accounting details, warranting an independent forensic audit.
Ali Abbas also claimed that certain partnership agreements and stamp papers did not bear his signatures or thumb impressions and alleged that some documents had been prepared without his consent.
He said several meetings involving influential business and social figures from Burewala were held to resolve the dispute, but the matter remained unresolved.
Describing the allegations against him and his nephew, Mian Muhammad Ahmad, as part of a coordinated campaign, Ali Abbas said his business reputation and standing as an overseas Pakistani had been damaged. He maintained that his residence abroad limited his direct oversight of day-to-day business operations and alleged that several financial decisions were taken without his knowledge.
Calling for a comprehensive forensic audit of all accounts, partnership agreements, assets and banking records, Ali Abbas said he had full confidence in the legal system and courts, adding that the matter should ultimately be decided on the basis of documentary evidence and legal procedure.
