On Saturday, a judicial magistrate extended the physical remand of actor and model Nadia Hussain’s husband, Atif Mohammad Khan, which included the alleged embezzlement during his tenure as the CEO of a brokerage house.
The Federal Investigation Agency (FIA) prepared the ATIF before the Judicial Magistrate (South) and sought additional remand for seven days to continue the investigation. The petition was supported by the complainant’s lawyer, Barrister Asad Ashfaq Tola, who said that further custody is necessary to recover important documents and establish contacts in this matter.
Describing the allegations as a complex white -collar crime, the complainant’s lawyer claimed that the ATIF misused the company’s funds for personal trade. The magistrate extended its physical remand till March 18 approved the FIA’s request and directed the investigators to submit a report of the progress at the next hearing.
According to the FIA’s Corporate Crime Circle Karachi, the ATIF and others have been accused of corporate financial fraud, criminal corruption and misunderstanding of accounts. Investigators allege that as CEOs from July 2015 to December 2023, ATIF withdrew Rs 1.404 billion from brokerage house accounts but returned only Rs 1.324 billion.
The FIA claims that it managed to manipulate its debit balance by manipulating the company’s records, eventually embezzling about 80 million rupees. Its total debit balance is reported to be Rs 539 million.
The investigation is underway, and further details are expected at the next court hearing.
