LAHORE: A banking court granted interim bail to Jahangir Tareen and his son Ali Tareen in cases against them relating to alleged fraud and money laundering in Lahore on Saturday.
The Lahore banking court has granted interim bail to Jahangir and Ali in exchange for bail bonds of Rs500,000 each. The bail has been granted till April 10.
Jahangir and Ali posted their bail in a case registered with the Federal Investigation Agency (FIA), after which the court restrained the FIA from arresting them till April 7.
FIA has been asked by the court to present all records at the next hearing.
Earlier this week, it was reported that FIA Lahore had registered a case of alleged fraud of Rs3.14 billion on March 22 against father-son duo.
The FIR states that Jahangir allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son and close relatives.
It says the transfers, especially after 2011-12, were “patently fraudulent investments which ultimately translated into personal gains” for Jahangir’s family. Some Rs3 billion were invested and laundered through the same factory.
