Shehzad Akbar Named Key Accused in £190 Million Corruption Scandal
Former chairman of the Asset Recovery Unit (ARU) and ex-adviser on accountability, Mirza Shehzad Akbar, has emerged as the central figure in the ongoing £190 million corruption case. Investigative sources and official records suggest he played a pivotal role in orchestrating a covert financial arrangement that caused substantial losses to the Pakistani state.
The case revolves around a civil settlement made with the UK’s National Crime Agency (NCA), under which £190 million — equivalent to nearly Rs50 billion — was transferred to Pakistan. However, instead of going into the national treasury, the funds were allegedly diverted to a “designated account” under the name of the Registrar of the Supreme Court, reportedly to benefit a major private housing society in Karachi. The move is now under intense legal scrutiny.
Also Read:
Documents show that Shehzad Akbar signed a confidential “Deed of Confidentiality” on November 6, 2019 — nearly a month before presenting the matter before the federal cabinet on December 3. This act, investigators argue, was carried out in bad faith and amounted to misrepresentation and concealment of critical information. The other key signatory to the agreement was Zia-ul-Mustafa Naseem, who is also named as a co-accused.
Further investigation has revealed that Akbar made two secret trips to the UK in 2019 — from February 4 to 8 and May 22 to 26 — where he met with the UK Home Secretary and top officials from the NCA. These visits were reportedly conducted without the involvement or knowledge of key Pakistani institutions like the Federal Board of Revenue (FBR), Federal Investigation Agency (FIA), and the State Bank of Pakistan. Critics say this exclusion raises serious questions about the intent and transparency of the agreement.
The NCA had earlier frozen £120 million under the UK’s Proceeds of Crime Act 2002, based on investigations into suspicious assets linked to two Pakistani nationals. These included the prime property at 1 Hyde Park Place in London. By March 2019, the ARU had reached a private settlement with the housing society involved in the case. The Supreme Court later imposed heavy fines and conditionally suspended criminal proceedings.
Sources claim that Shehzad Akbar, allegedly with the involvement of then Prime Minister Imran Khan and principal secretary Azam Khan, bypassed legal channels and misused authority to execute this arrangement. A high-level meeting on March 2, 2019 reportedly laid the groundwork for the fund transfer plan. Investigators say that even before cabinet approval, the criminal proceeds had already been moved to Pakistan in late November 2019.
Legal proceedings against Akbar are ongoing. He has been declared a proclaimed offender in the case, while Pakistan’s anti-corruption watchdog NAB continues its inquiries. Investigators accuse Akbar of acting beyond the jurisdiction of the ARU and misleading the cabinet regarding the terms and beneficiaries of the deal.
The broader £190 million corruption case also implicates former Prime Minister Imran Khan and his wife Bushra Bibi. According to NAB, Khan obtained federal cabinet approval on December 3, 2019, for the NCA settlement without disclosing the confidential details already agreed upon. NAB alleges that in return, Imran Khan and Bushra received land valued in billions, designated for an educational institute.
NAB filed the reference on December 1, 2023, naming eight accused, including Imran and Bushra. On January 6, 2024, six of the accused were declared proclaimed offenders for failing to appear in court. Imran and Bushra were formally indicted on February 27, 2024.
The prosecution presented 35 witnesses, including prominent figures such as Imran Khan’s former principal secretary Azam Khan, former defence minister Pervez Khattak, and former federal minister Zubaida Jalal. These witnesses were cross-examined during 38 hearings conducted by three different judges. Lead investigation officer Mian Umar Nadeem was also questioned. Despite being given 15 opportunities to record their statements under Section 342, the accused did not present any defence witnesses.
Read all the Breaking News Live on pakistantimes.com and Get Latest English News & Updates from Pakistan Times. Follow us on Whatsapp channel for more.
