FIA Initiates Embezzlement Case against Former BankIslami Employee

The Federal Investigation Agency has lodged a First Information Report against a former employee of BankIslami and M/s Zafar Agencies in an embezzlement case.

Documents available with ProPakistan state that FIA CBC Karachi has lodged a First Information Report (FIR) against Adnan Naseem who was the Corporate Head of South BankIslami and owns M/s Zafar Agencies, and Danish Elahi and Shazia Arif in a case involving irregularities/suspicious transactions in their accounts.

The Section Head of Legal Affairs, Zahid Hussain, and the Senior Manager of BankIslami, Muhammad Ali Usmani,  has registered a complaint pertaining to the registration of an FIR against Naseem, Elahi, and Arif in a fraud case.

The FIA concluded its inquiry stating that Naseem had fraudulently and deceitfully requested Chief Operating Officer Wasim Saleem of M/s Husein Sugar Mills verbally to issue a cheque of Rs. 15 million and had requested the latter to send it to his Karachi office for the settlement of their financial liability. Saleem had then gotten the cheque issued by the Director of M/s Husein Sugar Mills, Ahmed Ali Tariq.

This consignment was personally received by Naseem who signed the dispatch sheet of the BankIslami Mail Management Unit.

The document stated that Naseem had planned to cheat BankIslami Pakistan Ltd. to get illegal benefits from M/s Zafar Agencies. With criminal and common intentions, he had conspired with Elahi (who oversees all the financial affairs of M/s Zafar Agencies) and his mother Shazia Arif (a proprietor of M/s Zafar Agencies), and allegedly gave them the cheque of Rs. 15 million for the fulfillment of their criminal objectives.

The cheque was initially deposited in Parking A/c No.1026-9317605-0001 of BankIslami, was subsequently transferred to the A/c No. 1026-1043501-0001 titled ‘Zafar Agencies’ at BankIslami Shahrah-e-1- nasal Branch Karachi, and was then used to settle M/s Zafar Agencies’ financial liability.

Based on these acts of omission and commission, it has been prima facie concluded that Naseem, Elahi, and Arif, with criminal and common intentions by the misuse of power, and criminal breach of trust by fraudulent activities have caused substantial loss to the customer M/s Husein Sugar Mills, which is ultimately a loss to BankIslami and a wrongful gain of Rs. 15 million by them. Therefore, the offense committed is punishable under the law.

Officials said that the FIA has arrested the prime accused and a few former employees of BankIslami Pakistan Limited as their bails were rejected by the magistrate.

Elahi Group is also in default of Rs 1.4 billion of the bank, and the FIA is also conducting a separate inquiry against it, officials said.