The Federal Investigation Agency (FIA) has launched a major inquiry into M/s Innovative Biscuits Pvt. Ltd in Lahore. The case involves alleged financial irregularities worth over Rs 6.6 billion.
Authorities say the investigation is being handled by the FIA Corporate Crime Circle. The probe focuses on suspected money laundering and tax evasion activities linked to the company.
According to officials, sales of Innovative Biscuits were routed through multiple unofficial channels. The funds were then allegedly moved into hidden “benami” bank accounts.
These accounts were reportedly opened with the help of some banking staff. Investigators believe the accounts were used to conceal large financial transactions.
The FIR states that at least seven individuals have been booked so far. These include senior officials of Innovative Biscuits and a bank employee.
The investigation claims that sales proceeds worth around Rs 6.62 billion were not deposited in official company accounts. Instead, the money was transferred through intermediary accounts.
Later, these funds were allegedly shifted into benami accounts. Authorities say the money was then withdrawn in cash over time.
The case has raised serious concerns about banking oversight. Officials believe internal systems may have been misused for illegal activities linked to Innovative Biscuits.
A forensic review reportedly found irregularities in account verification. Although biometric and signature checks appeared valid, proxy signatures were allegedly used.
Investigators also identified multiple pay orders worth Rs 92 million. These transactions are linked to disputed accounts connected to the case.
Mazhar Ejaz, a banking officer, is believed to have played a key role. He is accused of helping open and operate suspicious accounts.
He has already been arrested, while further raids are ongoing. Authorities are also trying to identify other individuals involved.
The FIA is expanding its investigation to determine if more banking staff or facilitators supported the network tied to Innovative Biscuits.
Officials said the case highlights possible weaknesses in financial monitoring systems. They emphasized that strict action will be taken if more evidence emerges.
The probe into Innovative Biscuits is still ongoing, and more arrests are expected as investigations continue.
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