FIA intensifies probe into Rs. 44.32 billion corporate fraud case

The Federal Investigation Agency (FIA) has intensified its investigation into an alleged Rs. 44.32 billion corporate fraud case registered

KARACHI:  The Federal Investigation Agency (FIA) has intensified its investigation into an alleged Rs. 44.32 billion corporate fraud case registered under FIR No. 15/2026 with the Corporate Crime Circle Karachi, with investigators constituting a Joint Investigation Team (JIT), placing the principal accused on the Exit Control List (ECL) and accelerating the collection of documentary and financial evidence.

According to FIA sources, the investigation is being pursued with a focus on establishing a complete evidentiary chain before taking further action against the accused. The case involves allegations of large-scale financial transactions conducted through multiple accounts and corporate entities.

The JIT was formally constituted by the Director FIA Karachi Zone on September 16, 2026. Deputy Director FIA Commercial Banking Circle Karachi Fahad Khawaja has been appointed to supervise the team.

The JIT includes Assistant Directors Umair Arshad Butt, Nabeel Mehmood and Sheraz Umar, along with Sub-Inspectors Zeeshan Sheikh, Muhammad Shafi and Rahat Khan, and ASI Sanaullah Haliyo.

Investigators are examining banking records, corporate documents, financial transactions and other material considered relevant to the case. FIA officials have indicated that the purpose of the exercise is to establish the alleged flow of funds and determine the respective roles of those named in the investigation.

The principal accused, identified as Farrukh Amin Godil, has reportedly been placed on the ECL. The move is intended to prevent the accused from leaving the country while the investigation proceeds. Immigration authorities at major airports have also been alerted, according to FIA sources.

Sources said the investigating officer is currently in Lahore to obtain banking records, Securities and Exchange Commission of Pakistan (SECP) documents and property-related records considered important to the investigation.

The FIA has also decided to challenge relief reportedly granted to the principal accused by a duty magistrate through an appeal before the competent court.

Meanwhile, investigators have also proceeded against co-accused persons. FIA sources said bail granted to one or more co-accused has been cancelled by the Judicial Magistrate, while their alleged roles in the financial transactions are being examined.

The case reportedly originated from a Suspicious Transaction Report (STR) flagged through the financial monitoring mechanism. Investigators allege that more than Rs. 44 billion was circulated through a network of accounts in transactions linked to retail businesses and corporate entities.

The probe is also examining allegations that funds were transferred through multiple companies before being moved abroad through channels suspected by investigators to be unlawful.

According to sources, the purchase of high-value superstores in Karachi and Lahore during the relevant period has also come under scrutiny. Investigators are examining whether these assets were acquired through proceeds allegedly generated from the transactions under investigation.

The FIA is also considering forensic examination of more than 50 bank accounts and collection of audit reports, SECP filings and digital records.

Officials have further indicated that Mutual Legal Assistance (MLA) requests may be sent to foreign jurisdictions if investigators establish that relevant funds or assets are located outside Pakistan.

The investigation is expected to expand further as the FIA examines the alleged involvement of facilitators, corporate entities and other individuals connected with the financial transactions.

The agency has maintained that further legal action will be taken on the basis of evidence collected during the investigation.