LAHORE - Politician and industrialist Jahangir Tareen and his son Ali Tareen on Saturday got interim bail from two courts in three different cases, registered by the Federal Investigation Agency (FIA) on the charges of money-laundering, financial fraud and misappropriation of share-holders’ money.
A sessions’ court granted interim bail to Jahangir Tareen and Ali Tareen in two cases of money laundering and financial fraud till April 10. The court ordered them for submitting surety bonds of Rs 100,000 each for availing the bail relief. Earlier, Jahangir Tareen and Ali Tareen appeared before Additional District and Sessions Judge Hamid Hussain.
The petitioners’ counsel, Barrister Salman Safdar, argued before the court that all allegations levelled by the FIA were baseless and his clients were innocent. He pleaded with court to grant bail to his clients and restrain the FIA from arresting them. The court granted interim bail to Jahangir Tareen and Ali Tareen till April 10 and restrained the FIA from arresting them. The court also sought record from the FIA till April 10.
Meanwhile, a special court of banking offences also granted interim bail to Jahangir Tareen and Ali Tareen till April 7 in cases registered on charges of misappropriation of share-holders’ money. The court directed them to submit surety bonds of Rs 500,000 for availing the relief of bail. The court sought case record from the FIA till the next date of hearing.
The FIA Lahore circle had registered two FIRs against Jahangir Tareen, his son Ali Tareen, son-in-law and others under charges of money laundering and fraud in the sugar scam. The FIRs were registered under sections 406 (criminal breach of trust), 420 (cheating of public shareholders) and 109 of the Pakistan Penal Code (PPC), read with sections 3/4 of the Anti-Money Laundering Act.
In third case, it was alleged that Tareen fraudulently misappropriated the money of shareholders after his company (JDW Group) transferred Rs 3.14 billion to an associated private company, Farooqi Pulp Private Limited (FPML). The FIR stated that the private company is owned by Tareen’s sons and close relatives.
