The details were published by The News on November 12. Its journalists examined an FIA progress report and contacted senior agency officials. The investigation is being conducted in Faisalabad under FIR No. 32/2026.

Two Third-Party Accounts Show PKR640M

Investigators found transactions worth approximately PKR490 million ($1.77 million) and PKR150 million ($542,000) in two recipient accounts. Both received funds from principal suspects without an established legitimate business relationship.

Together, the two amounts reach PKR640 million ($2.31 million), or roughly 93% of the PKR690 million highlighted in the report. That percentage is a 15M calculation. The available reporting does not establish whether other identified transfers overlap with these amounts. The account holders, mostly from Khyber Pakhtunkhwa, have been summoned but have not appeared.

Another PKR35 million ($127,000) was traced between accounts linked to suspects Muhammad Zeeshan and Waqar Rashid Khan. Investigators also identified four transactions worth PKR49.165 million ($178,000) involving a Faisalabad-linked company and requested a debit block on its account.

All USD conversions use the November 12 exchange rate of PKR276.6137 per dollar, as reported by ProPakistani.

The Original PKR119.93B Was Bank Turnover

The case dates back to September. As 15M reported in October, investigators had identified:

• PKR119.93 billion ($433.6 million) in aggregate credit turnover across 11 companies;
• PKR8.586 billion ($31 million) recorded through five branchless collection accounts;
• Approximately 10.49 million transactions involving those five accounts.

Those figures describe banking activity rather than confirmed gambling revenue or criminal proceeds. The newly traced PKR690 million is another measure within the same investigation and should not be added to the earlier turnover.

According to the latest findings, companies were allegedly registered to obtain corporate banking facilities and bypass individual deposit limits. The FIA has also examined records involving a digital payment platform, a microfinance bank and a private bank. Officials from both banks have been named in the FIR.

FIA Checks a Possible Malaysia Connection

A representative for one account told investigators that its holder lived in Malaysia and that the money was intended for hawala/hundi settlements. The holder has not yet given a statement.

The FIA is also checking possible Chinese recipients. So far, it has not established where the money went. Agency chief Dr Usman Anwar said he was reviewing the investigation daily.

RU