Nadia Hussain’s husband among accused as FIA submits challan in Rs530m corporate fraud case
The Federal Investigation Agency’s (FIA) Corporate Crime Circle has submitted its final challan in a major corporate fraud case involving over Rs530 million, before a court in Karachi, reported 24NewsHD TV channel.
The investigation revealed that multiple executives of a private company were allegedly involved in large-scale embezzlement, forgery, and breach of trust.
According to the FIA report, model and actress Nadia Hussain’s husband, Atif Khan, is among the primary accused, alongside Faisal Mahmood Sheikh, Imtiaz Ahmed, Minhas Ahmed, Muhammad Aslam Memon, and Rehan Ali. However, Nadia Hussain’s name is not included in the list of accused persons.
The challan stated that Atif Khan continued to withdraw company funds despite heavy debts, while fake transactions, forged vouchers, and bogus cheques were used to conceal the growing liabilities.
To deceive auditors, the accused allegedly presented quarterly reports showing a zero balance, effectively masking the financial discrepancies within the company.
The FIA’s report further accused former CFO Faisal Mahmood Sheikh of signing forged cheques and authorizing the transfer of company funds to Atif Khan’s personal accounts.
Former CFO Imtiaz Ali Channa was said to have systematically organized the fraudulent practices, ensuring that fake entries were made before quarterly audits to hide the embezzled amounts.
Executive Director Rehan Ali, acting as an authorized signatory, also signed cheques facilitating fund transfers to Atif Khan’s personal accounts, while Head of Finance Minhas Ahmed was charged with gross negligence and complicity in the scheme.
The report added that Head of Risk and Compliance Muhammad Aslam Memon was complicit in approving forged transactions, and funds withdrawn through cheques he signed were ultimately used for Atif Khan’s personal benefit.
The FIA maintained that the charges of forgery, breach of trust, and fraud have been substantiated through documentary evidence, witness statements, and audit trails.