The Federal Investigation Agency (FIA) has registered a major corruption case involving the embezzlement of millions of rupees from a pension fund linked to a subsidiary of the Ministry of Industries and Production.
The FIA has formally registered a case after uncovering embezzlement of crores of rupees in the SEC Management Pension Fund, a subsidiary entity under the Ministry of Industries and Production. According to the FIR, the accused fraudulently withdrew pension funds using fake financial instruments.
An investigation has been launched against 11 nominated accused, including bank officials and private individuals.
Rs46.1m withdrawn through fake cheques
Initial investigations revealed that the accused withdrew Rs46.1 million from the pension fund through 10 fake cheques. The FIR states that these cheques carried forged signatures, which were later confirmed as fake in a forensic examination report.
The withdrawals were made despite clear red flags and irregularities.
According to the FIA, the scam involved collusion between bank officers and private individuals. Several women bank officers have also been nominated in the case for allegedly violating banking rules and regulations.
Investigators say the bank staff facilitated the clearance of suspicious cheques.
Verification rules ignored by bank
The FIR reveals that the bank cleared suspicious cheques despite a ban on verification calls, a mandatory safeguard meant to prevent fraud. This failure played a key role in enabling the illegal withdrawals.
Officials believe this points to deliberate negligence or active involvement by bank personnel.
According to the case details, the accused transferred the stolen pension funds into their own personal accounts and accounts of other individuals. This movement of funds is now being traced as part of the investigation.
The FIA says financial trails are being analysed to recover the embezzled amount.
The FIA has confirmed that a full-scale investigation is underway to determine the extent of the fraud and identify all those involved. Further arrests and recoveries are expected as the probe progresses.
