Tareen, son cleared of money-laundering charges

LAHORE: The court of a local judicial magistrate here on Friday quashed money-laundering case registered against Jahangir Tareen and his son Ali Tareen.

The orders were passed by the judicial magistrate in light of the report submitted by the Federal Investigation Agency (FIA). The FIA investigation officer submitted a report in the court in money-laundering case against Jahangir Tareen and his son Ali Tareen.

The FIA in its report stated that allegations of money-laundering were not proved in the inquiry and all the transactions were done in accordance with the Security Exchange Companies of Pakistan Act.

The allegations against Jahangir Tareen and Ali Tareen are not true as the accused have provided documentary evidence regarding the transactions of all the amounts. The FIA had registered two separate cases against father, son duo over the charges of allegedly committing fraud and money-laundering worth Rs3.14 billion.

The cases against them were registered under PPC Sections 406 (criminal breach of trust), 420 (cheating of public shareholders) and 109 of the Pakistan Penal Code (PPC), read with Sections 3/4 of the Anti-Money Laundering Act.




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