FIA Declares Meinhardt owners as absconders in Money Laundering Case!
By Newztodays Team
The Federal Investigation Agency (FIA) FIA has issued a notice against the owners of Singapore-based construction company Meinhardt declaring Chairman Meinhardt Shahzad Naseem and CEO Omar Shahzad as absconders.
The investigation agency has appealed to the public to provide information regarding the accused to the FIA Commercial Banking Circle. In this regard, the FIA has posted notices of the accused being wanted in the FIA Commercial Banking Circle and Sharah Faisal police station.
Dr. Shahzad Naseem and Omar Shahzad are sought by the FIA in the money laundering case involving billions of rupees from Pakistanis who invested in the Creek Marina project in 2007.
Dr. Shahzad Naseem initiated the residential project under the name of Creek Marina in DHA Phase 8 in 2007.
But, because the project was never finished, investors never received their money back or flats, even after seventeen years had passed. Affected individuals approached the FIA in this matter.
In 2005, the Singaporean company Meinhardt registered with local banks without first registering with the Board of Investment, despite announcing the commencement of a six-star project with the Defence Housing Authority (DHA).
The company collected money from the public for advance booking, with over 300 families trusting the project and depositing Rs. 2.5 billion in the mentioned accounts.
According to the ongoing investigations by the FIA Meinhardt Singapore through the Creek project embezzled billions of rupees from the public, opened illegal bank accounts, and transferred more than three billion rupees abroad.
According to the findings, Creek Marina Singapore was not registered with the Board of Investment or in Pakistan.Creek Marina Project Fraud: FIA Registers case over siphoned off billions
Under the Money Laundering Act 2010 and Companies Act 2017, a foreign company cannot open a bank account in Pakistan unless registered.
Nevertheless, with the assistance of bank employees, Dr. Shahzad Naseem, a Singaporean national, opened an account at the local bank under the name Creek Marina Singapore and used this account to move the money overseas.
The FIA has recently asked banks for the accused’s financial records in order to look into claims of money laundering made against designated suspects in the Creek Marina project.
A case has been registered against the accused, Nasim Shahzad, and his son Omar Shahzad, in the Commercial Banking Circle for money laundering.
To investigate money laundering charges against the accused, the FIA commercial bank circle has written letters to all compliance heads of commercial banks, requesting information on the accounts of the accused, bank statements, credit/debit cards, vouchers, and details of transactions exceeding five hundred thousand rupees.
