FIA Goes After Industrialists Involved in Money Laundering

The Federal Investigation Agency (FIA) has discovered that two industrialists, Muhammad Saeed and his son Ahmed Saeed, used a trust’s bank account to launder millions of rupees. Imran Yaseen, a resident of D Type Colony, filed a complaint with the FIA regarding suspicious transactions. After receiving the complaint, the FIA conducted an inquiry and found that Muhammad Saeed, who has an account at a private bank on Jail Road, and his son Ahmed Saeed were involved in hundi/hawala, cheating, and fraud through banking transactions. The accused used their trust’s bank account to put cash into the financial system by depositing it as donations. The funds were then encashed through complex financial transactions. No arrests have been made in this case yet. During the inquiry, the FIA discovered two transactions totaling 40,000 pounds that were dated June 20, 2022, and September 19, 2022, in the trust’s account. These transactions were each for 20,000 pounds. The cash was deposited into the trust’s account from an account titled “Pak Makka Meet, Birmingham UK.” An amount of Rs 5.2 million was also withdrawn from the trust’s account on November 7 and 10, 2022 through online transactions. During the inquiry, both oral and documentary evidence was collected linking the accused to the commission of the offense. The role of other board members of the trust and officials from the Faisalabad Electric Supply Company (FESCO) will also be determined as the investigation continues.