Lahore court quashes money laundering FIR against Jahangir Tareen, his son
A local court of Lahore on Friday dismissed the money laundering case against Jahangir Tareen and his son, Ali Tareen, citing insufficient evidence of illegal practice.
The case, which alleged that Tareen had laundered over Rs2 billion, was heard by a Lahore judicial magistrate.
The investigation officer (IO) of Federal Investigation Agency (FIA) stated that, after conducting an inquiry, no allegations of money laundering were proven.
The officer also noted that the case was more appropriately an investment case for which the related forum was civil court.
He maintained that all transactions were conducted in accordance with laws established by the Securities and Exchange Commission of Pakistan (SECP).
The Tareens were able to provide documentary evidence for all transactions in question, and no evidence of transactions in the form of dollars was found.
The court, taking into account the IO’s report, ordered for the First Information Report (FIR) against the Tareens to be quashed.