The dubious character of Khurram Rasool the former advisor to the Prime Minister is going to be highlighted again when two banks will approach the courts next week for inaction by Federal Investigation Agency (FIA) over their application of alleged fraud on fraudulent properties, sources said.
The banks, one multinational and one local, approached FIA for initiating a probe into a white collar crime allegedly by former advisor to Prime Minister, Khurram Rasool, as he mortgaged with one bank already pledged properties to obtain loan from other local bank and defaulted. In the material sent to FIA for investigation, the banks had disclosed that after exhausting all options to redress the fraud through FIA it will have no other option but to go to the court to order Director General, FIA to register a case against Khurram Rasool for committing fraud with the bank.
A knowledgeable source told Business Recorder here on Monday that the former advisor to PM defaulted on loan of Rs 10 million given to his self-owned concern against mortgage of two valuable properties in Rawalpindi. After he defaulted on his loan the bank obtained a decree for recovery of its due amount.
During the recovery process it was revealed that the mortgaged properties were much earlier pledged to a foreign bank to obtain a loan facility. The bank filed a fraud case against the culprit with FIA that have been hesitant to proceed against the influential culprit.
The petitioner banks are likely to pray to the court to instruct the Director General, FIA to proceed against Khurram Rasool for committing fraud by mortgaging two valuable already pledged properties as security against the finance facilities availed from the petitioner bank. Details of the property are given as follows:
Petrol Pump built over land measuring three-kanals, 19-marlas bearing Khasra No 4460/2599, 4462/2600, Khewat No 19779, Khatooni No 276/432, 399/615 Kotha Kaian, known as Haidri petrol pump, opposite Toyota Rawal Motors, GT Road, Rawalpindi. Land measuring eight kanals five-marlas, being 12 Qittas to the extent of 165/6815 share in Khewat No 534, Khatooni No 715 to 720, Mouzia Khanna Kak, Tehsil and District Rawalpindi (Now on Street No 4, lqbal town, Rawalpindi).
According to details contained in the application which had been filed with FIA, subsequently upon default and during the execution proceedings it transpired that Khurram Rasool had availed another finance facility from a foreign bank against the same property subsequently mortgaged to the local bank.
The application says that Khurram Rasool with prior design, ulterior motives and criminal intent mortgaged the property with the local bank with an intention of committing fraud. The fact of the property being mortgaged with foreign bank was intentionally not disclosed to the local bank and succeeded in obtaining a finance facility. The local bank also approached the FIA on November 21, 2011 by filing a complaint against Khurram Rasool with a prayer that strict action is taken against him in accordance with the law.