Govt allows FIA to probe Rs16bn banking frauds
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ISLAMABAD: The federal government has given the go-ahead to the Federal Investigation Agency (FIA) to probe a huge banking fraud allegedly committed by a Dubai-based Pakistani-Norwegian businessman and involving $101.2 million (over Rs16 billion).
Official sources told Dawn that a summary to this effect sent by the interior ministry had been approved by the federal cabinet which met on Monday.
Two separate cases have been registered by the Corporate Crime Circle of the FIA after completing inquiries in both cases. During the inquiries it came to light that Umar Farooq Zahoor with a co-accused had allegedly committed a bank fraud of $89.2m in Oslo, Norway, in 2010 and another fraud involving an amount of $12m in Bern, Switzerland, in 2004.
“In view of the evidence available on record, prima facie accused Umar Farooq Zahoor and Saleem Ahmad have committed (offences) under sections 408, 409, 419, 420, 467, 468, 471, 108-A and 109 of the Pakistan Penal Code read with sections 3 and 4 of the Anti-Money Laundering Act, 2010…Since the offences were committed beyond the limit of Pakistan, therefore permission under section 188 of the Criminal Procedure Code is required to investigate the cases,” the summary approved by the cabinet reads.
Section 188 of the CrPC reads: “If a citizen of Pakistan commits an offence at any place without and beyond the limits of, or when a servant of the State (whether a citizen of Pakistan or not) commits an offence in (a tribal area,) when any person commits an offence on any ship or aircraft registered in Pakistan wherever it may be, he may be dealt with in respect of such offence as if it had been committed at any place within Pakistan at which he may be found: Political Agents to certify fitness of inquiry into charge… where there is no Political Agent, the sanction of Federal Government shall be required”.
Zahoor is said to be an influential business personality. He has won many awards over the years for being the best Norwegian-Pakistani businessman.
Published in Dawn, November 12th, 2020
