Financial Scames

ISLAMABAD – Finance Minister Ishaq Dar on Thursday chaired a meeting to review progress on reforms and measures against money laundering and terror financing. The director general of the FMU gave a briefing about the measures recently taken to curb money laundering and terror financing. He shared latest progress made by Pakistan in this regard […]

MULTAN: The people who have been a victim of fraud committed by MR Securities and other brokerage houses have formed an action committee to help the regulator recover their investments worth more than Rs5 billion and have started gathering information about the victims. Talking to media on Friday, Committee Convener Zafar Iqbal Siddiqui insisted that the […]

Western Union Co, the world’s biggest money-transfer company, agreed to pay $586 million and admitted to turning a blind eye as criminals used its service for money-laundering and fraud, US authorities said on Thursday. Western Union, which has over half a million locations in more than 200 countries, admitted “to aiding and abetting wire fraud” […]

ISLAMABAD: Responding to criticism against the provision, the National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry has said provision of the plea bargain also exists in laws of many countries and in Pakistan it has helped in recovering money from looters and returning it to the state coffers. In an exclusive interview with INP, Chaudhry said […]

ISLAMABAD: Finance Minister Ishaq Dar is learnt to have directed the State Bank of Pakistan (SBP) to launch an investigation into a multibillion-rupee fraud in the National Bank of Pakistan (NBP) and submit a report within three days. The NBP itself had filed a complaint with the FIA and nominated a senior woman executive, who confessed […]

ISLAMABAD: The Federal Investigation Agency has recently arrested a senior female officer of the National Bank of Pakistan along with four officers of another organisation on charges of irregularly withdrawing billions of rupees from bank accounts. An assistant vice president of the NBP was arrested this week after the bank lodged a complaint that the officer […]

ISLAMABAD: The Federal Investigation Agency (FIA) has arrested a staffer of a multinational bank for allegedly withdrawing over Rs2.4 million from the account of a customer. FIA officials said Saad Khan, the suspect, worked as a financial consultant at the F-11 branch of the bank, where he opened an account for Syed Ashfaq Hussain. Officials told […]

ISLAMABAD – PAC yesterday could not be briefed about the Panama controversy due to absence of four heads of the main state departments – NAB, FIA, State Bank of Pakistan and Security and Exchange Commission of Pakistan. A meeting of the Public Accounts Committee (PAC), chaired by Syed Khurshid Shah, summoned DG FIA, the State […]

ISLAMABAD: Finance Minister Ishaq Dar told the Senate on Tuesday that the Federal Board of Revenue (FBR) had detected 36,936 tax defaulters this year and Rs87.93 billion was outstanding against them. The Senate unanimously passed a resolution to pay homage to the military men who had sacrificed their lives for the country’s defence in the […]

ISLAMABAD – Public Accounts Committee (PAC) recovered Rs119 billion from different government entities during the last three years.Auditor General of Pakistan Rana Asad Amin yesterday informed the PAC committee held under the chairmanship of Syed Khursheed Shah. Amin was of the view that more money could be recovered from different organizations if the government gives […]