A judicial magistrate has passed the order in the light of report submitted by the Federal Investigation Agency in the money laundering case.
Lahore: Judicial magistrate of Lahore on Friday quashed the money laundering case registered against Jahangir Tareen and his Ali Tareen.
The judicial magistrate passed the orders in the light of report submitted by the Federal Investigation Agency (FIA) in the money laundering case.
An official of the agency submitted a report in the court, saying that the allegations of money laundering were not proved in the inquiry.
The official said that all the transactions were done in accordance with the Security Exchange Companies of Pakistan Act.
The report said that the accusations against Jahangir Tareen and Ali Tareen were not found after the accused provided documentary evidence regarding the transactions of all the amounts.
Jahangir Tareen and Ali Tareen were booked in two separate cases against father, son duo for their alleged role in committing fraud and money-laundering worth Rs3.14 billion.
The agency registered cases against them under PPC Sections 406 (criminal breach of trust), 420 (cheating of public shareholders) and 109 of the Pakistan Penal Code (PPC), read with Sections 3/4 of the Anti-Money Laundering Act.
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