By Our Correspondent
LAHORE: The Federal Investigation Agency (FIA) has registered a criminal case against directors of a Lahore-based private engineering company and multiple officials of the Bank of Punjab over the alleged misappropriation of Rs28.5 million from the company’s corporate account.
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According to the FIR lodged at FIA’s Corporate Crime Circle, Lahore, the complaint was filed by Fahad Iqbal, director of M/s Infinity Engineering (Pvt) Ltd., alleging that two other directors — Abdur Razzaq Gauhar and Akhtar Saeed — in collusion with officials from the Bank of Punjab’s kot abdul malik and timber market branches, carried out unauthorized transactions in violation of a board resolution.
The said resolution, passed on August 6, 2024, required joint signatures from both shareholder groups — the complainant’s IK Group and the opposing AR Group — for any bank withdrawals. This resolution, along with specimen signature cards of all four directors, was officially submitted to the Bank of Punjab to enforce dual-control on the company’s account operations.
However, on September 9, 2024, a cheque worth Rs28.5 million was issued and processed with only a single signature from the accused director, allegedly violating this mandate. The amount was reportedly transferred into a personal account. No callback confirmation was issued to the complainant before honoring the cheque.
Further inquiry revealed a pattern of similar transactions, including direct deposits into personal or third-party accounts and cash withdrawals using cheques allegedly signed solely by Abdur Razzaq Gauhar. These included payments to private firms and individuals, and some self-cheques were reportedly encashed directly.
The FIR also cites negligence and possible collusion by the Bank of Punjab’s branch management, alleging that a debit block placed on the disputed account due to internal shareholder issues was later lifted without authorization.
The inquiry held Branch Manager Nadeem Mustafa responsible for removing the block, enabling unauthorized transactions despite the bank’s knowledge of the internal resolution and signature policy.
The case has been registered under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant or banker), and 109 (abetment) of the Pakistan Penal Code, read with Section 5(2) of the Prevention of Corruption Act, 1947. The FIR was formally registered on July 2, 2025, and the investigation has been assigned to FIA Inspector Muhammad Abdullah Khan.
The FIA stated that the role of other directors and bank officers — including the Operations Manager, Area Manager, and Real Business Head — will be determined during the course of investigation. Authorities also emphasized that all suspects are presumed innocent until proven guilty in a court of law.
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