The Federal Investigation Agency has launched a major investigation into Innovative Biscuits Pvt. Ltd. over alleged financial irregularities worth more than Rs6.6 billion. The inquiry is being conducted by the FIA Corporate Crime Circle in Lahore and has revealed a complex network of transactions.
According to officials, Innovative Biscuits is suspected of routing its sales through multiple channels. These funds were allegedly transferred into hidden “benami” bank accounts instead of official company accounts. Investigators believe this method was used to conceal large financial transactions and avoid taxes.
The case has so far led to the registration of an FIR against at least seven individuals. These include senior officials of Innovative Biscuits and a bank employee. They are accused of involvement in money laundering, fraud, and large-scale tax evasion. Authorities say the network relied on accounts opened using identity cards of unaware individuals.
The investigation claims that a bank officer, identified as Mazhar Ejaz, played a central role in the operation. He is accused of facilitating the opening and management of these accounts with the help of other banking staff. Officials say the accounts appeared legitimate due to proper documentation, but were actually controlled using proxy signatures.
Further findings suggest that around Rs6.62 billion in sales from Innovative Biscuits was not deposited in declared banking channels. Instead, the money was moved through several intermediary accounts before reaching the benami accounts. From there, the funds were reportedly withdrawn in cash, raising concerns about losses to the national exchequer.
Investigators also highlighted suspicious transactions involving Abdullah Maqsood. He reportedly received five pay orders worth Rs92 million from these disputed accounts. This has added to concerns about coordinated financial manipulation within the network.
Mazhar Ejaz has already been arrested, while raids are ongoing to apprehend other suspects. Authorities are also expanding the scope of the investigation. They aim to identify whether more bank employees or facilitators were involved in the scheme.
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Officials say the case reflects serious gaps in banking controls and oversight. The investigation into Innovative Biscuits is expected to continue, with further developments likely in the coming days.
