The Federal Investigation Agency (FIA) has launched legal proceedings in connection with an alleged financial fraud exceeding Rs6.6 billion, implicating several individuals, including company executives and banking personnel.

According to officials, the case centers on the alleged use of benami bank accounts opened under the identities of unsuspecting individuals. Investigators believe these accounts were used to channel revenues generated by a private biscuit manufacturing company in order to conceal actual transactions and avoid tax liabilities.

Preliminary findings suggest that company funds were first deposited into accounts maintained at one commercial bank before being transferred to another bank, from where large sums were withdrawn in cash. Authorities suspect the layered transactions were designed to obscure the financial trail.

The investigation further revealed that certain accounts were reportedly operated through proxy signatures despite biometric verification requirements. A bank employee is alleged to have assisted in facilitating the opening and management of these accounts, enabling the scheme to continue undetected.

The FIA maintains that the operation caused substantial losses to the national exchequer through large-scale tax evasion. The case has been registered under multiple provisions of the Pakistan Penal Code along with the Prevention of Corruption Act.

One bank official has already been arrested, while investigators are expanding the probe to identify additional suspects believed to be connected to the alleged fraud network. Authorities say further arrests cannot be ruled out as the investigation progresses.