Press Release Title: Senator Saleem Mandviwalla, Chairman Senate Standing Committee on Finance and Revenue Presiding over a meeting of the committee at Parliament House Islamabad

Press Release Date: 21st February, 2024

The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, convened a meeting at Parliament House on Wednesday. The distinguished attendees included Senators Farooq Hamid Naek, Saadia Abbasi, Zeeshan Khanzada, Sherry Rehman, and Syed Faisal Ali Subzwari, alongside additional Secretary of the Finance Division, the Director FIA, the CEO of Dubai Islamic Bank, and other relevant officials. The focus of the meeting centered on a comprehensive briefing by the Director of FIA (Karachi) regarding the investigation into the disappearance of 410 million rupees from an overseas Pakistan Bank account held at Dubai Islamic Bank in Karachi. The Director FIA disclosed that the investigation is currently underway, with an FIR filed against five individuals on Feb 19, 2024. While awaiting forensic reports for five accounts, one account's forensic analysis has already been received. Senator Farooq Naek emphasized the urgency of recovering the embezzled amount, advocating for freezing the accounts of those implicated in the fraudulent activity. He insisted on a thorough pursuit of justice, asserting that the matter should not be considered resolved until a resolution is reached. Senator Saleem Mandviwalla, the committee's chairman, reiterated their primary concern: ensuring the complainant receives rightful restitution. He urged the bank to devise a solution to the matter. Expressing satisfaction with the progress made by the FIA, the committee directed them to expedite the investigative process and bring the matter to a swift resolution. The committee affirmed that the newly-formed Finance Committee, post the senate election, would continue to address this issue and others pending resolution.   The meeting concluded with a vote of thanks. In his closing remarks, Senator Saleem Mandviwalla expressed gratitude to committee members for their unwavering support and insight. He also commended the Ministry of Finance and Revenue and its affiliated departments for their cooperation in various matters. Members also appreciated his chairmanship and the way he steered the committee in a balanced but comprehensive way.