Shehzad Akbar Faces £190 Million Corruption Allegations in Pakistan

ISLAMABAD: Shehzad Akbar, the former chief of Pakistan's Asset Recovery Unit (ARU) and ex-special assistant to the prime minister on accountability, has emerged as a central figure in a corruption case involving £190 million. Investigative sources allege that Akbar masterminded an illegal scheme that resulted in significant financial losses for the Pakistani state.

The controversy centers on funds originally frozen by the UK's National Crime Agency (NCA) under the Proceeds of Crime Act 2002. The £190 million was part of a civil settlement with the NCA, which was reportedly diverted to a designated account falsely presented as an official account of the State of Pakistan. According to official documents, Akbar signed a Deed of Confidentiality on November 6, 2019, just prior to the cabinet's approval of the ARU's restructuring, a move interpreted by investigators as indicative of bad faith.

"The funds were misrepresented and funneled towards private interests rather than being utilized for the intended purposes of the state," stated Dr. Mohammad Ali, a researcher specializing in public finance at the National University of Sciences and Technology (NUST).

The investigation reveals that Akbar made two trips to the UK in 2019, where he met with key officials, including the UK Home Secretary and the Director General of the NCA, to negotiate the repatriation of the funds. However, key Pakistani institutions such as the Federal Board of Revenue (FBR) and the Federal Investigation Agency (FIA) were allegedly excluded from these negotiations, thereby leading to substantial losses to the Supreme Court and the Pakistani state.

According to the National Accountability Bureau (NAB), the timeline of events suggests that criminal proceeds were transferred from the UK to Pakistan in late November 2019, following a high-level meeting involving Akbar, then-prime minister Imran Khan, and principal secretary Azam Khan. This meeting reportedly focused on a settlement with the NCA and the repatriation of funds, but Akbar is said to have concealed vital details from the cabinet.

"The actions taken by Akbar could be seen as a severe breach of trust, not only to the cabinet but also to the citizens of Pakistan who expect accountability from their leaders," remarked Dr. Sarah Johnson, a legal expert at the University of Karachi.

The NCA had previously frozen around £120 million based on suspicions linked to two Pakistani nationals and their assets, which included a prime London property. The ARU reportedly reached an out-of-court settlement with the involved housing society in March 2019, but it is alleged that Akbar misused his authority, leading to the mismanagement of these critical funds.

As a consequence of these findings, legal proceedings against Akbar and others involved are ongoing, with NAB leading the inquiries. Akbar has been declared a proclaimed offender in this case, which has raised significant questions about the integrity of the previous administration.

The situation continues to evolve as further investigations take place. The implications of this case are far-reaching, not just for those directly involved, but for the broader landscape of governance and accountability in Pakistan. The accountability court is expected to hear further evidence, with significant attention focused on the testimonies of key witnesses, including former principal secretary Azam Khan.

As this case unfolds, it highlights the critical need for transparency and accountability in government dealings, particularly when it involves substantial public funds. The outcome of these investigations could set important precedents for future governance and anti-corruption efforts in Pakistan.