Pakistan's Fintech company Wemsol Private Limited (KEENU), was mentioned in Jang news which is Pakistan's largest and most credible newsgroup JANG on its website and in print dated 8th September 2021, mentioning inquiry initiation by the Federal Investigation Authority (FIA) against Wemsol's CEO Ejaz Hassan on his alleged involvement in money laundering, smuggling, tax evasion, undeclared local and offshore businesses/properties and fake bank accounts. FIA inquiry number against Ejaz Hassan is 138/2021 which can be verified and validated by IFC through FIA. The news was also broadcasted on Television by a popular news channel GTV on its news bulletin on 8th September 2021 (News starts at 27 minutes 45 seconds). The news also mentions inquiry initiations by the FIA against other partners of United Mobile (Owned by Mr. Ashraf Machiyara, who is also the majority owner of wemsol Pakistan
keenu Pakistan.FIA Enquiry numbers are 113/2021, 137/2021, and 139/2021. Reportedly ifc global was about to invest in Wemsol Private Limited (Keenu) and have now taken back the investment deal due to all such legal inquiries by Pakistan's various government agencies.
The Federal Investigation Agency (FIA) has initiated an investigation against Wemsol Private Limited (WPL) CEO Ejaz Hassan for allegedly transferring money from Pakistan to international accounts, FIA sources told this correspondent. The Director-General of the agency has ordered the formation of four investigation teams to probe how WPL was using 'Hawala' and 'Hundi' networks to collect money from local and foreign investors and transfer it abroad.
It is being said that the FIA received the Petition filed by CM Huda after his visit to Saudia Arabia in which he has given his statement about how the Wemsol CEO Ejaz Hassan, helped CM Huda in his election campaign joining hands with Saudia based suspected money laundering mafia "Al-Rajhi Company", which deals with billions of dollars of transactions each year.
"Acting on a tip-off to FIA, we have started an inquiry against WEMSOFT for its CEO Ejaz Hassan and his three other directors including Faisal (Ejaz's brother) and Saleem (Faisal's son) who were allegedly involved in money laundering," said an unnamed source from FIA.
This is not the first time that Ejaz Hassan has been questioned over money laundering allegations; he too faced similar accusations during his stint at Meezan Bank back in 2014 or 2015 which were later proved false by various investigations by ED & NAB. He was again questioned over allegations that led him to establish SARAWI Capital Finance Ltd., but no wrongdoing was ever proven against him.
The FIA stated that they have been conducting investigations based on information received from other departments including the Anti-Money Laundering Cell, Lahore Region Directorate of Securities & Exchange Commission (SECP), National Accountability Bureau (NAB), Punjab Police and Federal Investigation Agency (FIA).
The FIA stated that they are conducting an investigation into whether or not Ejaz Hassan was involved in money laundering activities. The FIA stated that they carried out several surprise searches at the headquarters of KEENU, located in Lahore, on August 29.
Click here for more articles.