By our correspondent
KARACHI: A banking court in Karachi has ordered action by the Federal Investigation Agency (FIA), resulting in raids on the residences of directors of Bari Textile Mills (Private) Limited in connection with a criminal default case filed by JS Bank Limited.
Acting on the directions of Banking Court-I, FIA officials, accompanied by police personnel, carried out the raids on Thursday after the court issued arrest warrants against Muhammad Naqi Bari, Muhammad Danish Naqi Bari, Ather Muhammad Naqi Bari and Muhammad Tabish Bari.
Banking and law enforcement sources allege that Bari Textile Mills is a habitual defaulter within the banking system, with defaults amounting to billions of rupees involving multiple banks and financial institutions. According to officials, the company and its directors are currently facing several recovery suits, criminal complaints and enforcement proceedings before banking courts, civil courts and federal investigative agencies.
Sources further disclosed that separate FIA investigations are under way into allegations of money laundering and large-scale siphoning of public funds. Investigators claim that bank borrowings were diverted through layered financial transactions instead of being utilized for the declared business purposes for which the loans were obtained.
Authorities have described the matter as a case of wilful default and financial abuse, alleging that public depositors’ money was misused. They said the seriousness of the allegations has prompted coordinated action by banks, the judiciary and investigative agencies. The case remains under investigation, and officials said further legal proceedings would follow in accordance with the law.
