The Federal Investigation Agency (FIA) Corporate Crime Circle has filed its final challan in a major corporate fraud case exceeding Rs530 million, naming several high-ranking executives of a private company among the accused. The case has now been formally submitted to a Karachi court,
The investigation has uncovered large-scale embezzlement, forgery, and breach of trust, implicating multiple company officials in a well-organized financial fraud scheme.
Among the primary accused is Atif Khan, husband of well-known model and actress Nadia Hussain. Others named in the FIA report include Faisal Mahmood Sheikh, Imtiaz Ahmed, Minhas Ahmed, Muhammad Aslam Memon, and Rehan Ali. However, it is important to note that Nadia Hussain herself is not listed among the accused persons, and there is no indication of her involvement in the case.
According to the FIA’s challan, Atif Khan allegedly continued to withdraw funds from the company despite significant outstanding debts. Investigators stated that fake vouchers, forged cheques, and fabricated transactions were used to conceal the company’s growing financial liabilities.
The report revealed that the accused attempted to deceive auditors by presenting quarterly financial statements reflecting zero balances, effectively disguising the missing funds and preventing detection of the fraud.
The FIA further alleged that former Chief Financial Officer (CFO) Faisal Mahmood Sheikh played a central role by signing forged cheques and approving fund transfers from company accounts into Atif Khan’s personal accounts.
Similarly, former CFO Imtiaz Ali Channa was accused of organizing the fraudulent activities, ensuring that fake accounting entries were made prior to quarterly audits to hide discrepancies. Executive Director Rehan Ali allegedly used his authority as a signatory to facilitate these unauthorized fund transfers.
The Head of Finance, Minhas Ahmed, was charged with negligence and complicity in the manipulation of financial records, while Head of Risk and Compliance, Muhammad Aslam Memon, was found to have approved forged transactions that ultimately benefited Atif Khan.
According to FIA officials, documentary evidence, bank statements, audit trails, and witness testimonies have substantiated the charges of fraud, forgery, and criminal breach of trust against the accused individuals. The case is expected to proceed to trial following the court’s review of the challan.
