FIA Discovers Rs. 7 Billion in Property Tycoon’s Plaza in Rawalpindi

The Federal Investigation Agency (FIA) recently raided Burj-e-Noor Plaza on Murree Road, which is owned by property tycoon, Sheikh Iftikhar Adil. The raiding team discovered a staggering Rs. 7 billion in foreign currency, including dollars.

Beneath the plaza, in a hidden basement, were lockers stuffed with cash. The money trail pointed to ties with major players in the media and real estate industries. With so much cash on hand, FIA’s team struggled to count it.

Sheikh Iftikhar Adil, who also has stakes in Daily Asas and Al-Haram City, had set up his own lockers in this plaza. The FIA team, taken aback by the enormous number of high-tech lockers, had to call in reinforcements from other agencies to manage the situation.

The FIA’s Banking Circle received a tip-off about a secret treasure after gathering solid evidence of illegal activity. As a result, they raided the building and found 13 high-tech lockers filled with cash. Two people were arrested on the spot.

The team surveilled the location for a week prior to the raid. They noticed something strange about a small iron gate in the parking lot of the building’s double basement. 

After knocking down some exterior walls, they made an unexpected discovery, a hidden door. Behind the door were 13 loaded lockers, and the place was also equipped with security cameras.

The situation escalated when the team attempted to seize the money. The building’s owner was not happy and argued that the money should remain where it was. The FIA team, on the other hand, refused to back down and insisted on confiscating the discovered funds.

The tension escalated, prompting the FIA to call the police for backup. They have now submitted a preliminary report to their superiors.

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  • When everyday devaluation of the money is the norm and banks are not safe due to the history of government nationalizing the foreign exchange, private lockers are the only solution to keep personal savings safe from loosing value.

  • this person already has NAB and FIA cases against him since 5 years due to unethical activities. He has launched many project in the last 10 years but failed to deliver them. Unfortunately no law is against these property tycoons who does not deliver and use this money to do business in other countries.
    There are hundreds on these culprits openly operating in our beloved land.

    • NAB should be closed down forever. A produce of corrupt dictator.

      FBR is our, civilian authority, and Pakistan tax code is very comprehensive, all financial corruption should be tried using tax laws and FBR.

  • What is wrong in keeping your money in lockers… state has become dacoits… now looting rich people to fill up its coffers.

    • Agreed. If the money is declared and tax paid, should not be an issue. If the money is not clean, then FBR has the authority to use FIA to conduct a raid, but FIA can’t do this on it’s own. If a crime has been committed it’s a tax crime, FBR needs to be empowered enough to follow through on tax crimes.

  • FIA should show how the money was illegal, andFBR should file a case for tax evasion if the money was not declared. Keeping cash in any currency, keeping gold, being filthy rich is not a crime, as long as taxes are paid and IT is filed.

    Taking closeup pictures of one safe, is not 7 billion, and there is no reference as to what crime was being committed here. That’s why cases like this are never heard of again, because criminality is never established (remember the case where a boat full of gold was caught? What happened? Nothing).

  • Start checking top tycoons of Pakistan and you will find such treasures everywhere. Most of them don’t uses banking channels.

  • Actually I heard that most of ill gotten wealth (esp. hoarding of $$$$) is secured by individuals (from the Privileged Class) in Pakistan in their houses within highly secured gated communities such as Naval Housing or Askari Housing, Malir Cant, etc. FIA or IB should be raids in these communities as well, it could be that this wealth could be used to repay IMF loans

  • Great to hear that
    I invested in his project 70’000 21 years ago when I was a student .After 21 years he returned me 55000 saying that project is closed and we are returning your amount after deduction.
    There is nothing wrong in keeping your savings in lockers,But it’s very wrong to keep money stolen from poor people ,as he always announced projects for the lower middle class,in the basement of your plaza.
    We all know Nothing will happen,he will be released ,if he is arrested,I am not sure even if he is arrested,I know he will get his money back after some deductions some official deduction,major unofficial deductions,
    But I am happy that he is facing the music in some way

  • I am ashamed to see that people are defending this person. I know this person and he is behind money laundering from a long time. Secondly he launched more than 10+ real estate projects and never delivered anything and downpayment amount in his pockets (my own father bought Al-haram files 15 years ago still no news) anyways this cash wasn’t declared in his Tax Returns so it’s non declared cash and should be treated and the way it was treated. FBR and FIA collaborated to make this raid successful.

    • Absolutely right. Pakistan is like this because people defend wrongdoing of others or keep quiet on their wrongdoing.

  • FIA did the right thing by taking the amount in custody. There are thousands of affected of Alharam city who reported the fraud with them. They were not given plots on Thier invested amount. This amount should be returned to the them.

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