The Federal Investigation Agency (FIA) has registered a major corruption case over the alleged embezzlement of millions of rupees from a pension fund linked to a subsidiary of the Ministry of Industries and Production, according to Samaa news Channel.
According to the FIA, a case has been formally registered after authorities allegedly uncovered embezzlement of crores of rupees in the SEC Management Pension Fund. As per the FIR, the accused allegedly withdrew pension funds using fake financial instruments.
An investigation has been launched against 11 nominated suspects, including bank officials and private individuals.
Initial findings suggest that the accused allegedly withdrew Rs46.1 million from the pension fund through 10 fake cheques. The FIR states that the cheques allegedly carried forged signatures, which were later confirmed as fake in a forensic examination report.
The withdrawals were reportedly made despite multiple red flags and irregularities.
According to the FIA, the scam allegedly involved collusion between bank officials and private individuals. Several women bank officers have also been nominated in the case for allegedly violating banking rules and regulations.
Investigators claim that bank staff allegedly facilitated the clearance of suspicious cheques, enabling the fraudulent transactions.
The FIR further states that the bank allegedly cleared the cheques despite mandatory verification requirements, including verification calls designed to prevent fraud. Investigators believe this failure allegedly points to deliberate negligence or active involvement by bank personnel.
According to case details, the accused allegedly transferred the misappropriated pension funds into their own personal accounts and those of other individuals. The FIA says these financial trails are now being traced.
The FIA has confirmed that a full-scale investigation is underway to determine the scope of the alleged fraud and identify all individuals involved. Further arrests and recoveries are expected as the probe progresses.
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