Banking Court Orders FIA Raids in JS Bank Case
Officials said the group and its directors are facing multiple recovery suits, criminal complaints and enforcement proceedings before banking courts
Independent News
KARACHI: A Banking Court in Karachi has ordered action by the Federal Investigation Agency, leading to raids at the residences of directors of Bari Textile Mills (Private) Limited in a criminal default case filed by JS Bank Limited.
Acting on the directions of Banking Court-I, FIA officials, accompanied by police, conducted the raids on Thursday after the court issued warrants against Muhammad Naqi Bari, Muhammad Danish Naqi Bari, Ather Muhammad Naqi Bari and Muhammad Tabish Bari.
Banking and law-enforcement sources alleged that Bari Textile Mills is a habitual defaulter across the banking system, with defaults amounting to billions of rupees involving several banks and financial institutions.
Officials say the group and its directors are facing multiple recovery suits, criminal complaints and enforcement proceedings before banking courts, civil courts and federal agencies.
They further disclose that separate FIA investigations are underway into alleged money laundering and large-scale siphoning of public funds, claiming that bank borrowings were diverted through layered transactions rather than used for declared business purposes.
Authorities describe the case as a clear example of willful default and financial abuse, citing alleged misuse of public depositors’ money that has prompted coordinated action by banks, courts and investigators.
