Shehzad Akbar named key player in £190 million corruption case

ISLAMABAD: Former Asset Recovery Unit chairman and former Accountability Advisor Mirza Shehzad Akbar has emerged as a central figure in the ongoing investigation into a major £190 million corruption case.

According to media reports, the allegations suggest that he acted as the mastermind behind a secret financial scheme that caused considerable damage to the Pakistani state.

Sources revealed that on November 6, 2019, Akbar signed a secret agreement, a secret agreement that paved the way for the transfer of £190 million to a designated account in the name of the Registrar, Supreme Court of Pakistan.

The agreement, crucially, listed the recipient’s account as belonging to the state of Pakistan, although questions have been raised about the process.

Another key signatory to the agreement was Zia Mustafa Naseem, while official records indicate that Shehzad Akbar made secret visits to the UK in February and May 2019, meeting the UK Home Secretary and officials from the National Crime Agency (NCA).

These visits, conducted without involving institutions such as the FBR, FIA, or State Bank of Pakistan, have raised concerns about intent and transparency.

Critics argue that excluding relevant entities from the roadmap raises serious red flags about the legitimacy and motivations of the deal.

On December 3, 2019, Akbar presented the deal to the federal cabinet, allegedly without disclosing that he had signed the secret agreement almost a month earlier – a move that is being interpreted as misrepresentation and abuse of power.

Documents show that the UK’s National Crime Agency had already seized £120 million under the Proceeds of Crime Act 2002 before December 14, 2018, which included assets such as 1 Hyde Park Place.

The investigation further reveals that Akbar kept the process of returning the funds under wraps, bypassing key state institutions and violating the principles of transparency and accountability.

Sources say that further developments are expected in the case and there is a strong possibility of legal action against the former advisor as the investigation deepens.