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The Federal Investigation Agency has opened a major corruption case after uncovering suspected financial irregularities involving a pension fund linked to a subsidiary of the Ministry of Industries and Production, with millions of rupees allegedly siphoned off through fraudulent means.
According to the FIA, a formal case has been registered over alleged embezzlement in the SEC Management Pension Fund. The FIR states that pension funds were reportedly withdrawn using fake financial instruments, prompting authorities to initiate a full-scale investigation against 11 nominated suspects, including bank officials and private individuals.
Investigators said initial findings indicate that Rs46.1 million was allegedly withdrawn through 10 fake cheques. Forensic examination confirmed that the cheques carried forged signatures, raising serious concerns over internal controls.
The FIA believes the scam involved alleged collusion between bank staff and private individuals. Several women bank officers have also been nominated for allegedly violating banking rules and facilitating the clearance of suspicious cheques despite multiple red flags.
The FIR notes that mandatory verification procedures, including confirmation calls, were allegedly ignored. Investigators said this points to deliberate negligence or possible active involvement by bank personnel.
Authorities said the misappropriated funds were allegedly transferred into personal accounts, and financial trails are now being traced. The FIA confirmed that further arrests and recoveries are expected as the investigation progresses.
