The Federal Investigation Agency (FIA) filed a case against Pakistan Muslim League-Quaid leader Moonis Elahi for money-laundering and corruption.
According to the investigation agency, the PML-Q leader was accused of making properties abroad by sending money abroad through Hundi and Hawala.
SAMAA TV’s Asim Naseer reported that Assistant Director Rana Muneer has been appointed as the Investigation Officer on the case. “The case was registered after inspecting PML-Q leader’s records from 2007 to 2020,” he added.
Other than Moonis, Nawaz Bhatti, Makhdum Omar Shehryar, Tarik Jawaid, Wajid Bhatti, and Punjab Assembly Secretary Muhammad Khan Bhatti have also been nominated in the case.
During the ongoing probe against RYK/ Alliance Sugar Mills Group – which was initiated after the report of Sugar Inquiry Commission 2020 – RYK Sugar Mills Ltd was set-up in 2007/2008, the FIR reads. One of the founders was Nawaz Bhatti – a government official working as a Naib Qasid. Another major stock holder was identified as Mazhar Abbas, a student.
In 2010, Nawaz and Abbas owned 31% and 35% of the shares in the company, respectively.
The FIA said that the capital of the Sugar Mill increased by Rs720 Million in 2008. “The source of these funds and those required for acquisition of land, import of plant/ machinery etc. and setting up/ administrative expenses are unexplained.”
The FIA said that RYK/Alliance Sugar Mills Group was “set up ostensibly by laundering funds from unexplained sources including proceeds of financial crimes.”
Nawaz and Abbas disposed of their shares from 2011 to 2014 but the sale/ purchase consideration which is also unexplained, the FIA said.
Later on, 34.83 % shares of RYK/ Alliance were acquired by two Special Purpose Vehicles – Cascade Tek Pvt. Ltd. (18.63%) and Axe Capital Pvt. Ltd. (16.20%) – while another 9.56 % shares were acquired by Wajid Ahmed Khan Bhatti, nephew of Muhammad Khan Bhatti.
The FIA said that Moonis directly control one of these SPVs while he control the other one through his family member. “This makes it evidently clear that accused M. Nawaz Bhatti and Mazhar Abbass lent their identities and acted on behalf of Ch Moonis Elahi s/o Ch Pervaiz Elahi to disguise the origin and nature of il[l] gotten funds/proceeds used to set-up RYK Mills Ltd.”
The investigation agency also claimed that in June 2007 Makhdum Omar Shehryar (Executive Director of the then proposed RYK Mills Ltd) applied for issuance of NOC for setting up the mill which was accordingly approved by the Ministry of Industries Punjab and CM Punjab Office in quick succession.
The FIA said that since Pervaiz Elahi was the Chief Minister of Punjab at that time, he will be included in the investigation to determine his culpability in the case.
Omar Shahryar and Tarik Jawaid collectively held 30.59 % shares in RYK Mills Ltd. as of 2020. “The origin and nature of their investment of ill gotten funds/proceeds is also unexplained.”
Moonis and others have been booked under anti-money-laundering Sections 34 (acts done by several persons), 109 (punishment for abetment), 420 (cheating and dishonesty), 468 (forgery) and 471 (using forged document) of the Pakistan Penal Code.