Karachi – March 2025
The glass façade of Dewan House reflected the grey sky over Clifton, but inside, the air was heavier than the weather outside. It had been three weeks since the collapse of the EV syndicated loan, and yet the shockwaves were still hitting the group from all sides.
On the 10th floor, the same boardroom that once held expansion dreams now felt like a war bunker. Yousuf Dewan sat at the head, his suit immaculate but his eyes tired. Beside him were Batool Qureshi (CFO), Ahsan Mehmood (Head of Strategy), and Danish Farooqui (Legal & Compliance). A thick manila envelope lay on the table, stamped "CONFIDENTIAL – INTERNAL USE ONLY".
Batool broke the silence.
> Batool: "It's not just the loan, Yousuf. We've got suppliers tightening payment terms. SteelWorks just moved us from 60 days to cash-on-delivery."
Ahsan: "And HBL has cut our working capital limit by Rs 1.2 billion. Quietly. No explanation beyond 'sectoral exposure review'."
Yousuf: "Sectoral exposure my foot. This is orchestrated."
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The Conspiracy Unfolds
Danish opened the envelope and spread its contents: a series of screenshots, email printouts, and an 8‑page document headed "PR Campaign Proposal – Phase II". The footer read: Al Ameen Communications – Confidential Draft.
It didn't take long to see the name of the client: Lucky Cement Ltd.
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Extract – PR Campaign Proposal (Leaked)
> Objective:
To reinforce market perception of Dewan Group as a financially unstable entity, unfit for large-scale industrial investment.
Tactics:
Selective leaks to Dawn, The News, Profit Pakistan Today highlighting historic defaults and pending litigation.
Engagement with social media influencers to question Dewan's EV viability.
Discreet briefings to bank credit committees referencing "reputational risk".
Suggested coordination with Indus Motors PR to amplify messaging in the automotive sector.
Timeline: Immediate through Q2 2025.
Budget: Rs 38 million.
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Ahsan's face tightened.
> Ahsan: "They're hitting us on both fronts. Lucky wants us out of cement, Indus Motors doesn't want EV competition."
Batool: "And they're willing to spend millions to make it happen."
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Bankers in the Loop
Two days later, Ahsan met an old friend, Farooq Sheikh, HBL's Head of Corporate Credit, at a discreet corner table in the Movenpick Hotel's lobby café.
> Ahsan: "Farooq, off the record, why are you cutting our WC limit?"
Farooq: "Ahsan, you didn't hear this from me. We've been told—at the CEO level—that SBP is reviewing exposure to 'select conglomerates'. Your name's on that list."
Ahsan: "SBP or Lucky's lobbyists?"
Farooq (lowering voice): "Both. There was a lunch at Serena last month—Rehmat Hasnie, Mian Mansha, Yunus Tabba's nephew. You can draw your own conclusions."
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Internal SBP Memo – Dated 27 Feb 2025
(Marked "For Deputy Governor's Eyes Only")
> Subject: Review of Concentration Risk – Large Corporate Groups
As part of ongoing risk monitoring, Banking Policy & Regulations Dept recommends a phased reduction in sectoral exposure to certain large conglomerates with past restructuring history.
Note: Dewan Group's outstanding facilities remain within current prudential limits but represent a concentration in cement and automotive sectors that are facing competitive headwinds.
Recommendation: Advise commercial banks to exercise caution in renewing or expanding facilities.
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Back at Dewan House, Danish had another piece of bad news.
> Danish: "NAB's Financial Crimes Unit has started informal inquiries into our 2008–2010 loan restructurings. They're saying it's just 'fact-finding'."
Yousuf: "Fact-finding? Fifteen years later? This is pressure, plain and simple."
Batool: "It's working. Suppliers are jittery, banks are hedging, and the media's circling."
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Media Strike Two
On March 10, Profit Pakistan Today ran an "exclusive" headlined:
"How Dewan's Past Defaults Still Haunt Pakistan's Banking Sector"
The article quoted "senior bankers" who claimed Dewan's 2009–2010 restructurings cost the banking sector "over Rs 15 billion in opportunity losses."
The piece conveniently ignored the fact that Dewan had eventually repaid under those restructurings.
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Karachi Club Dinner – March 14, 2025
In the wood-paneled private dining room, three figures sat over black coffee: Mian Mansha (MCB), Shaukat Tarin (former finance minister), and Irfan Habib Tabba (Lucky Cement director). The conversation was guarded but purposeful.
> Mansha: "The EV project was never going to fly. But now, with the banks nervous, you can tighten the noose."
Tabba: "We're already working on it. Our PR boys have the talking points ready."
Tarin: "Just don't overplay your hand. If it looks like collusion, you'll hand them a sympathy card."
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The Employee Impact
By late March, the conspiracy's effects were visible inside Dewan operations. At Dewan Cement's Hattar plant, overtime was cut. At Dewan Motors, hiring for the EV project was frozen. Rumours of layoffs spread.
At a staff meeting in Sujawal, a mid-level manager voiced the fear everyone felt:
> Manager: "Sir, if the banks pull back more, do we still have jobs by the end of the year?"
Plant Director: "We're fighting for every line of credit we have. But yes, it's tough."
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The Whistleblower
On March 22, Batool received an anonymous email from a ProtonMail address. It contained two attachments:
1. A scanned contract between Lucky Cement Ltd and Strategic Insights Consulting, dated January 5, 2025.
2. A PDF of "Key Influence Targets" — a list of bank credit heads, SBP officials, and two prominent journalists.
The contract explicitly referenced "Project Blackout – Target: Dewan Group".
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Boardroom – March 23
> Batool: "This isn't circumstantial anymore. This is a smoking gun."
Ahsan: "If we go public, we start a war."
Yousuf: "We're already in one. The difference is, we've been pretending it's just business competition."
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NAB Knocks
On March 28, a formal notice arrived from NAB's Karachi office requesting documents related to "historic loan restructurings and current credit facilities." The covering letter was polite, but everyone in the room knew what it meant: the pressure campaign had reached the investigative stage.
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Closing Scene
That evening, Yousuf met Shamshad Akhtar in a quiet corner of the Sind Club. The former SBP governor listened carefully, then said:
> Shamshad: "Yousuf, you're fighting an enemy that plays on three boards at once — banking, media, politics. If you want to survive, you need allies on all three."
Yousuf: "And if they've bought most of them already?"
Shamshad: "Then you need to find the ones they can't buy."
The cracks were no longer hairline. They were widening, and the foundations of the Dewan empire were under siege.
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Question for Readers:
When competition turns into a coordinated campaign of financial and political sabotage, is it still "just business" — or is it economic warfare?