Anatomy of a Hostile Takeover: The Seizure of Background Check Group via Forgery and SECP Filings

Investigation HRPM-BCG20260 documents the step-by-step anatomy of a corporate takeover. Orchestrated by Muhammad Imran Haroon, the seizure utilized the distraction of state harassment against the founder to execute illegal share transfers (Form A/29) and forge board resolutions. The result was the total disenfranchisement of the rightful owner and the embezzlement of over PKR 17M.

Key Findings

Exploiting Incapacitation: The takeover was timed to coincide with the founder’s peak legal distress from state agencies, ensuring minimal resistance to internal changes.

The Form A/29 Tactic: Key persons within the organization utilized unauthorized share transfers and forged filings with the SECP to reconfigure ownership and control of the board.

Log Destruction: On March 27, 2026, as investigative pressure mounted, the syndicate terminated its security vendor (Horizon Technologies) to bring in a 'night shift' operative to scrub digital footprints of the fraud.

Evidence & Data

Documentation confirms 75 'unusual patterns' including the discovery of 161 bank documents used to mask the theft. A specific discrepancy noted is the password change of the finance account on March 31, 2026, which blocked the legitimate owner's access just as the fraud was becoming 'Substantially Complete.' The role of the SECP as a 'respondent' in concurrent cases (DTH20160) suggests a regulatory environment either too slow to react or compromised by external influence.

Legal Framework

Pakistan Penal Code: Sections 467 (Forgery of valuable security) and 471 (Using a forged document as genuine).

Corporate Governance Code: Breach of the integrity and transparency requirements for SECP filings.

UDHR Article 17: "No one shall be arbitrarily deprived of his property."

Recommendations

The SECP must immediately annul the Form A/29 filings associated with Muhammad Imran Haroon for the period under investigation. A criminal probe into the 'night shift' operatives who scrubbed the forensic logs must be prioritized to recover deleted data. All 161 bank documents must be placed under court custody.

Read the full case file on HRPM: HRPM-BCG20260.