ISLAMABAD: Shehzad Akbar, former Chairman of the Asset Recovery Unit (ARU) and ex-Special Assistant to the Prime Minister on Accountability, has been identified as the central figure in the £190 million corruption case.
According to sources, Akbar is accused of masterminding an illegal scheme that caused significant financial loss to Pakistan. Investigations revealed that on November 6, 2019, he signed a Deed of Confidentiality as part of the plan.
The £190 million in question, initially held in an account linked to a private housing society in Karachi, was transferred to a “designated account” under the name of the Supreme Court Registrar. Co-accused Zia Mustafa Naseem also signed the agreement, presenting the account as one belonging to the State of Pakistan. In reality, the account was falsely represented as belonging to the State Bank of Pakistan.
Records show that Akbar visited the UK between February 4–8 and May 22–26 in 2019. During these trips, he held meetings with the British Home Secretary and the Director General of the UK’s National Crime Agency (NCA) to discuss civil recovery and extradition issues. During these meetings, Akbar secretly devised a roadmap for the return of funds.
Critics say Akbar acted in bad faith by excluding representatives from the FBR, FIA, and State Bank of Pakistan from the process. As a result of his actions, the Supreme Court of Pakistan suffered financial damage, and instead of benefiting the state, approximately £190 million (around PKR 50 billion) ended up favoring the private housing society.
Sources added that Akbar’s signing of the confidential deed on November 6—before the official notification of the ARU’s restructuring and the federal cabinet meeting—shows clear malicious intent. The funds were transferred from the UK to Pakistan in the last week of November 2019, ahead of the cabinet’s approval.
According to additional findings, a meeting was held on March 2, 2019, between Shehzad Akbar, the then Prime Minister (founder of PTI), and then Principal Secretary Azam Khan. During this meeting, they reportedly discussed a settlement with the NCA and the transfer of funds to Pakistan.
Acting beyond ARU’s legal mandate, Akbar collaborated with the former prime minister to plan the deal. He presented the agreement in the cabinet on December 3, 2019, while concealing the fact that he had already signed a secret deal on November 6.
The NCA had earlier frozen around £120 million before December 14, 2018, based on suspicions against two Pakistani nationals. This was done under the UK’s Crime Act 2002, Part 5, Chapter 3, Section 38. The NCA also requested details of pending cases and investigations against the individuals and their associates.
The agency initiated an investigation into the ownership of high-value properties, including 1 Hyde Park Place in London, believed to be purchased by the same family involved.
Furthermore, on March 13 and 21, 2019, the Asset Recovery Unit entered into an agreement with the private housing society under application number 8758. The respondents in the case contacted the NCA and lawyers in the UK and proposed an out-of-court settlement.
Sources also revealed that the Supreme Court imposed a heavy fine on the housing society and conditionally suspended criminal proceedings in March 2019. It has been proven that Shehzad Akbar played a central role in abuse of power, malicious intent, and concealing corruption funds.
The case is under investigation by NAB and other relevant institutions, and legal proceedings are ongoing. Due to his involvement, Shehzad Akbar has been declared a proclaimed offender.
