Intelligence agencies are probing foreign accounts of an influential business family of the city after receiving information that millions of dollars were transacted to certain off-shore accounts, Pakistan Today has learnt. Sources privy to the investigation told Pakistan Today that transaction of over $800 million to overseas bank accounts belonging to two members of the Chinoy family had raised suspicion among the circle of investigators in the Federal Investigation Agency (FIA). “For the last four years, these [foreign] accounts are being handled by Jawaid Chinoy and Rafeeq Chinoy as joint signatories.”
The two suspects under investigation belong to a prominent business family and are well-known for their clout in the city’s business community. Jawaid is a former chairman of Pakistan Readymade Garment Association and also a director of Khateeja Industry.
The sources said that these accounts are being maintained with an operational code in three bank branches in London, Geneva and Dubai of the same private bank.
They added that only this bank – also operating in Pakistan – provides the facility of handling foreign bank accounts from the home country. “Clients not having a residential visa for the country where they want to own their accounts cannot use an account number, so the bank gives an operational code to such clients,” the sources explained.
The FIA has started a formal investigation into the alleged accounts and also dispatched a team of investigators abroad to extract details of the issue, the sources said.