Islamabad: The Executive board of the National Accountability Bureau (NAB) has approved inquiries of three forex companies alleged for illegal business activities and suspected money laundering.
To this effect, a meeting of the Executive Board of NAB was held on Thursday and presided over by Nawid Ahsan, the Chairman of NAB, and was attended by the Director General Financial Crimes Investigation Wing, Director General Operations, Deputy Prosecutor General Accountability, Chief of Staff and Directors.
The Board held in-depth discussion on various cases of corruption and approved inquiries into alleged illegal activities by various businesses. They include Tianshi International, AR Enterprises and Ahsan Enterprises Karachi.
The Inquiry was authorized against M/s Tianshi International Pakistan Co (Pvt) Ltd on a complaint filed by the Securities & Exchange Commission of Pakistan (SECP).
The company is accused of giving deceptive incentives to prospective buyers of their products.
The Executive Board authorized inquiries against the proprietors of AR Enterprises and Ahsan Enterprises on the basis of Suspicious Transactions reported to NAB by the Financial Monitoring Unit (FMU).
Both the entities are suspected to be involved in fraud in obtaining rebates. The amount of the fraud is said to be over Rs. 50.000 million.
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