A judicial magistrate on Saturday extended the physical remand of actor and model Nadia Hussain’s husband, Atif Mohammad Khan, in a financial fraud case involving alleged embezzlement during his tenure as CEO of a brokerage house.
The Federal Investigation Agency (FIA) produced Atif before the judicial magistrate (South) and sought an additional seven-day remand to continue investigations. The request was supported by Barrister Asad Ashfaq Tola, counsel for the complainant, who argued that further custody was necessary to recover crucial documents and establish connections in the case.
Describing the allegations as a complex white-collar crime, the complainant’s lawyer claimed Atif misused company funds for personal trading. The magistrate granted the FIA’s request, extending his physical remand until March 18 and directing investigators to present a progress report at the next hearing.
According to the FIA’s Corporate Crime Circle Karachi, Atif and others are accused of corporate financial fraud, criminal misconduct, and falsification of accounts. Investigators allege that as CEO from July 2015 to December 2023, Atif withdrew Rs1.404 billion from the brokerage house’s accounts but returned only Rs1.324 billion.
The FIA claims that he systematically concealed his debit balance by manipulating company records, ultimately embezzling approximately Rs80 million. His total outstanding debit balance is reported to be Rs539 million.
The investigation is ongoing, and further details are expected at the next court hearing.
