Stop the smear campaign, future sales are normal business activity: Jahangir Tareen

• Future sales have nothing to do with Satta, says Jahangir Tareen.
• All such sales are declared in JDW accounts in their entirety, says JKT.
• FIA Lahore had registered a case of alleged fraud against Tareen and his son.

PTI leader Jahangir Tareen on Monday urged his critics to "stop the smear campaign" against him, adding that future sales are a part of normal business transactions everywhere in the world. 

Earlier this week, it was reported that FIA Lahore had registered a case of alleged fraud of Rs3.14 billion against Jahangir Tareen and his son, Ali Tareen.

The first information report (FIR) registered in this regard states that Jahangir allegedly transferred illegal shares worth billions of rupees to Farooqi Pulp Mills Limited (FPML), which is owned by his son and close relatives.

Taking to Twitter, the former PTI general-secretary posted screenshots of the London Sugar Future sales figures to help explain his point. 

"Future sales are a normal part of business activity all over the world. It is used to secure future cash flow for normal business activity. It has nothing to do with Satta. All such sales are declared in JDW accounts in their entirety."

Without naming anyone, he concluded the tweet by writing: "Stop the smear campaign". 

The share transfers, according to the FIR filed against the PTI leader,  especially after 2011-12, were "patently fraudulent investments which ultimately translated into personal gains" for Jahangir's family. Some Rs3 billion were invested and laundered through the same factory.

Sugar crisis of 2020 and its investigation report

Last year, PM Imran Khan had tasked the FIA to investigate the sugar crisis throughout the country and find out who benefited from it.

A report by the FIA released last year had claimed that top PTI members were among those who gained from the recent sugar crisis in the country.

Among the people named in the FIA report were Jahangir Tareen and a brother of the then minister for national food security Khusro Bakhtiar.

Tareen was said by the report to have benefited the most from the sugar crisis followed by Bakhtiar's brother.