ISLAMABAD – FIA Corporate Crime Circle in Lahore started high-profile investigation into M/s Innovative Biscuits Pvt. Ltd, uncovering an alleged financial network involving over Rs 6.6 billion.
The biscuits company’s sales were reportedly routed through multiple channels and funneled into hidden “benami” bank accounts allegedly opened with the help of banking staff, before being withdrawn in cash, raising serious concerns of money laundering and tax traud.
So far, at least seven individuals, including senior officials of a biscuit manufacturing company and a bank employee, have been booked in alleged scheme of money laundering, fraud, and large-scale tax evasion.
First Information Report (FIR) said investigators busted a network of “benami” bank accounts allegedly created using ID Cards of three unsuspecting individuals to conceal massive financial transactions and evade taxes on billions of rupees in sales activity. The accounts were opened and facilitated by bank officer Mazhar Ejaz along with other banking staff.
The probe further claims that sales proceeds of M/s Innovative Biscuits Pvt. Ltd., estimated at around Rs 6.62 billion, were not deposited into company’s declared banking channels. Instead, the funds were allegedly routed through series of intermediary accounts before being transferred into these hidden benami accounts. Authorities said the money was later withdrawn in cash, allegedly causing significant losses to the national exchequer.
The forensic analysis reportedly revealed that although biometric and signature verifications appeared legitimate on paper, the accounts were actually operated using proxy signatures, raising serious concerns over internal banking controls and possible collusion.
The investigation mentioned that Abdullah Maqsood got five pay orders worth Rs92 million from same disputed accounts, further deepening suspicions of coordinated financial manipulation.
Mazhar Ejaz is said to lead entire setup, allegedly involved in opening, introducing, and linking the suspicious accounts within the banking system. He has already been arrested by authorities, while raids are ongoing to apprehend the remaining suspects. Authorties are expanding its probe to determine whether additional bank employees or other facilitators were involved in the alleged network.
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