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UK-based corporate entity acquired 13.57 million shares from several benamis of Chaudhry family in 2016
The Federal Investigation Agency’s (FIA) probe team claims to unearth an offshore company namely Salviati International Ltd which acquired shares from agents of Chaudhry Moonis Elahi, a move which ultimately ended up for investigators to look into alleged money laundering by some shareholders of RYK group.
A report - submitted before a special court in Lahore and exclusively available with SAMAA TV - compiled by FIA into alleged money laundering by MNA Moonis Elahi has unveiled the purchase of shares by offshore companies from benami accounts of Chaudhary family. These shares were eventually returned to them.
As per documents available with SAMAA Investigation Unit, the report stated that Special Purpose Vehicles (SPVs) Cascade Tek owned by Moonis Elahi and Axe Capital Private Limited owned by Zehra Malik established offshore company namely Salavati Investment Limited in the UK through their agents Wajid Bhatti, Asad Iqbal, Mahrukh Jehangir, Raza Awan, Sajida Sohail, Sumbal Rehan, Nasira Rehman and Irum Amin.
The shares of Rahim Yar Khan Sugar Mill were acquired by Moonis and his family through Cascade Tek Private Limited and Axe Capital Private Limited in 2016-17. By the end of February this year, Moonis and his family had 50% shares in Rahim Yar Khan Sugar Mill.
The agent Raza Awan informed the FIA’s investigation team that he can’t disclose how the shares of Rahim Yar Khan Sugar Mill were acquired. However, he said that some funds were procured from the United Arab Emirates but failed to disclose the source.
The report said that Sumbal Rehan was working as an agent for Mazhar Abbas and Salavati Investment Limited. Mazhar Abbas transferred 1.9 million shares of Rahim Yar Khan Sugar Mill to Sumbal in 2011 and 4.2 million in 2013. Later in 2016, shares of Rahim Yar Khan worth Rs6.1 million were transferred to Salavati which after return in 2017 were eventually acquired by Mahrukh Jehangir.
Sumbal Rehan in his written statement during investigation informed that she purchased the shares of Rahim Yar Khan on directions of her cousin Sohail Asghar Awan and payment was executed by funds received through foreign remittances and gift received in form of cash from her cousin Mushtaq Ahmed Awan.
In 2017, the offshore company transferred its 13,350,000 shares in RYK Mills Ltd to Mahrukh Jahangir who is the mother-in-law of accused Moonis Elahi.
It is pertinent to note that Mahrukh Jahangir had no assets in Pakistan at the time of acquisition of shares from Salviati Investment Limited.
Moreover, in 2021, Mahrukh Jahangir transferred all 13,350,000 shares of RYK Mills Ltd to Moonis Elahi’s wife Tahreem Elahi.
On sale of these shares by Sumbal Rehan to Salviati Investment Ltd, investigation has ascertained that no sale proceeds were transferred to Sumbal Rehan by the firm.
Moreover, Sumbal Rehan has also failed to provide any documentary evidence in this regard.
“Hence, it is evident that this arrangement was orchestrated just to disguise the nature and disposition of proceeds of crime [in the form of shares of RYK Mills Ltd which was placed/ parked in RYK Mills Ltd] in the name of benamis Muhammad Nawaz Bhatti and Mazhar Abbas,” the report said.
The shares worth Rs13.5 million purchased by Salavati Investment Limited from benami accounts of Chaudhary family in 2016 were handed over to Mahrukh Jehangir through Rahim Yar Khan Sugar Mill in 2017.
Mahrukh transferred these shares to her daughter Tehreem Elahi (wife of Moonis) in 2021. It is worth mentioning here that Moonis Elahi didn’t mention the said shares in assets details from 2008 to 2018.
The Federal Investigation Agency’s (FIA) probe team claims to unearth an offshore company namely Salviati International Ltd which acquired shares from agents of Chaudhry Moonis Elahi, a move which ultimately ended up for investigators to look into alleged money laundering by some shareholders of RYK group.
A report - submitted before a special court in Lahore and exclusively available with SAMAA TV - compiled by FIA into alleged money laundering by MNA Moonis Elahi has unveiled the purchase of shares by offshore companies from benami accounts of Chaudhary family. These shares were eventually returned to them.
As per documents available with SAMAA Investigation Unit, the report stated that Special Purpose Vehicles (SPVs) Cascade Tek owned by Moonis Elahi and Axe Capital Private Limited owned by Zehra Malik established offshore company namely Salavati Investment Limited in the UK through their agents Wajid Bhatti, Asad Iqbal, Mahrukh Jehangir, Raza Awan, Sajida Sohail, Sumbal Rehan, Nasira Rehman and Irum Amin.
The shares of Rahim Yar Khan Sugar Mill were acquired by Moonis and his family through Cascade Tek Private Limited and Axe Capital Private Limited in 2016-17. By the end of February this year, Moonis and his family had 50% shares in Rahim Yar Khan Sugar Mill.
The agent Raza Awan informed the FIA’s investigation team that he can’t disclose how the shares of Rahim Yar Khan Sugar Mill were acquired. However, he said that some funds were procured from the United Arab Emirates but failed to disclose the source.
The report said that Sumbal Rehan was working as an agent for Mazhar Abbas and Salavati Investment Limited. Mazhar Abbas transferred 1.9 million shares of Rahim Yar Khan Sugar Mill to Sumbal in 2011 and 4.2 million in 2013. Later in 2016, shares of Rahim Yar Khan worth Rs6.1 million were transferred to Salavati which after return in 2017 were eventually acquired by Mahrukh Jehangir.
Sumbal Rehan in his written statement during investigation informed that she purchased the shares of Rahim Yar Khan on directions of her cousin Sohail Asghar Awan and payment was executed by funds received through foreign remittances and gift received in form of cash from her cousin Mushtaq Ahmed Awan.
The report
A UK-based corporate entity namely Salviati International Ltd acquired 13.57 million shares from several benamis of the Chaudhry family in 2016, revealed the report.In 2017, the offshore company transferred its 13,350,000 shares in RYK Mills Ltd to Mahrukh Jahangir who is the mother-in-law of accused Moonis Elahi.
It is pertinent to note that Mahrukh Jahangir had no assets in Pakistan at the time of acquisition of shares from Salviati Investment Limited.
Moreover, in 2021, Mahrukh Jahangir transferred all 13,350,000 shares of RYK Mills Ltd to Moonis Elahi’s wife Tahreem Elahi.
On sale of these shares by Sumbal Rehan to Salviati Investment Ltd, investigation has ascertained that no sale proceeds were transferred to Sumbal Rehan by the firm.
Moreover, Sumbal Rehan has also failed to provide any documentary evidence in this regard.
“Hence, it is evident that this arrangement was orchestrated just to disguise the nature and disposition of proceeds of crime [in the form of shares of RYK Mills Ltd which was placed/ parked in RYK Mills Ltd] in the name of benamis Muhammad Nawaz Bhatti and Mazhar Abbas,” the report said.
The shares worth Rs13.5 million purchased by Salavati Investment Limited from benami accounts of Chaudhary family in 2016 were handed over to Mahrukh Jehangir through Rahim Yar Khan Sugar Mill in 2017.
Mahrukh transferred these shares to her daughter Tehreem Elahi (wife of Moonis) in 2021. It is worth mentioning here that Moonis Elahi didn’t mention the said shares in assets details from 2008 to 2018.
FIA report claims Moonis Elahi made offshore firms to purchase shares of his sugar mill
UK-based corporate entity acquired 13.57 million shares from several benamis of Chaudhry family in 2016
www.samaaenglish.tv
