The FIA has registered a major corruption case involving the embezzlement of millions of rupees from a government-linked pension fund. The case concerns the SEC Management Pension Fund, a subsidiary of the Ministry of Industries and Production.
According to the FIR, the accused illegally withdrew funds using fake financial instruments. Investigators say this involved collusion between bank officials and private individuals. The scam is under full investigation.
Initial findings reveal that Rs46.1 million was withdrawn through 10 forged cheques. Forensic reports confirmed that the signatures on these cheques were fake. The withdrawals were processed despite clear warning signs and irregularities.
The FIA has nominated 11 accused in the case, including several bank officers and private citizens. Some women bank officials are also implicated for allegedly violating banking rules. Investigators claim the bank staff played a role in clearing suspicious cheques.
The FIR highlights that verification procedures were ignored. These calls are a mandatory safeguard against fraud. Authorities say this failure facilitated the illegal withdrawals. Officials are tracing the movement of stolen funds into personal and other accounts.
The FIA said financial trails are being analyzed to recover the embezzled money. Investigators are also looking to identify all involved parties. Further arrests are expected as the investigation progresses.
Officials stress that the case reflects weak oversight in financial operations of government-linked entities. They say strict monitoring and accountability are crucial to prevent similar scams in the future.
The agency confirmed that the investigation is ongoing and will continue until all culprits are identified and the stolen funds recovered. The case has attracted attention due to the large amount involved and the involvement of both private and banking sector officials.
In other related news also read EOBI Announces Significant Pension Increase – Details Here
This development underscores the importance of vigilance in managing public sector funds. The FIA’s proactive action aims to ensure justice and protect government resources from fraudulent activities.
