Karachi: The Federal Investigation Agency (FIA) Corporate Crime Circle has arrested Atif Ahmed Khan, the husband of renowned actress and model Nadia Hussain, in connection with a massive financial fraud case amounting to Rs539 million.
According to FIA officials, Atif Ahmed Khan was taken into custody during a raid at his residence in Karachi. The arrest followed an investigation prompted by a complaint from the Board of Directors of Bank Alfalah.
Allegations and Financial Misconduct
Atif Ahmed Khan, who previously served as the Chief Executive Officer (CEO) of Bank Alfalahs subsidiary, Alfalah Securities (Private) Limited is accused of misusing company funds for personal financial trading and engaging in corporate fraud. Investigators revealed that he illegally acquired Rs654 million through a third party by diverting bank funds into his private investments. Additionally, he allegedly redirected Rs80 million into unauthorized trading activities while covering up the fraud using forged documents.
The FIA further claimed that Atif Khan violated banking regulations by paying himself high markups from company funds, causing significant financial losses to the institution.
Bank Alfalah and Its Subsidiary
The case is particularly significant because it involves Alfalah Securities (Private) Limited (formerly Alfalah CLSA Securities (Private) Limited), a key player in Pakistans financial sector. The company is backed by Bank Alfalah Limited, one of the largest banks in Pakistan, giving it a strong position in the countrys financial markets.
Legal Proceedings and Investigation
Following his arrest, Atif Ahmed Khan was presented before a customs court, which approved a four-day physical remand to allow further investigation. The FIA is now examining additional financial records to determine the full scale of the fraud and identify any possible accomplices.
Public Reaction and Ongoing Developments
The case has drawn widespread media and public attention, particularly due to Atif Ahmed Khans association with Nadia Hussain, a well-known personality in Pakistans entertainment industry. So far, the actress has not publicly commented on her husband’s arrest.
Meanwhile, FIA officials stated that law enforcement agencies are actively pursuing leads to uncover further details about the financial scandal. The outcome of the ongoing investigation will determine the next course of legal action against Atif Ahmed Khan and any other individuals involved in the fraudulent activities.
