In 2019, just as Dewan Group was attempting to stabilize and modernize its scattered empire, a fresh storm erupted—not in the boardroom, but in the press. A highly orchestrated media controversy, rooted in political vendettas, corporate jealousy, and old debts, threatened to obliterate the remnants of Dewan's already fragile public image.
The spark? A 14-minute segment on ARY News' Power Play hosted by Arshad Sharif.
Scene 1: The Breaking Story
The segment aired on a Monday night, titled:
"The Industrial Empire Built on Corruption?"
In it, Sharif presented documents suggesting that Dewan Group had:
Received illegal loan write-offs totaling over Rs. 22 billion from public-sector banks.
Used political influence during Musharraf's era to acquire state land at under-market rates.
Siphoned funds from Dewan Sugar and Dewan Farooq Motors into offshore shell companies registered in Dubai and Mauritius.
The exposé included snippets of confidential banking memos, blurred passport copies, and voice notes allegedly from senior Dewan executives.
Arshad concluded the segment with:
"How long will Pakistan's industrial elite get away with looting and then blaming the system when they fall?"
Scene 2: The Immediate Fallout
The next morning, chaos gripped Dewan House.
Yousuf Farooqui sat silently at the head of the conference table. On his left was Batool Qureshi, pale with shock. On the right, CFO Khalid Anwar flipped through a stack of printed transcripts.
"Some of this is real," Khalid admitted. "The voice notes… they sound like Danish. And the bank memos—they're old, but authentic."
Batool snapped, "But taken completely out of context. We didn't siphon money. We moved funds across group entities to stay afloat. That's not theft—it's survival."
"Survival doesn't make good TV," Yousuf murmured. "Especially not when they want your blood."
Scene 3: A Political Undercurrent
That same day, a confidential call arrived from an old ally in Islamabad.
"They're using you as a distraction," the voice warned. "There's a power struggle inside the PTI government—business elites are being picked off to make room for new players. And you're high-profile."
It wasn't the first time. In 2016, similar tactics were deployed against Ittefaq Foundries. Now it was Dewan's turn.
Yousuf instructed his legal team:
"File for defamation. Prepare a media response. And find out who leaked those documents."
Scene 4: Social Media Inferno
By midweek, #DewanFiles and #PowerPlay trended on Twitter. Fake images circulated—mansions allegedly owned by Dewan in Spain, yachts in Dubai, even a doctored picture of Yousuf standing with a UAE royal.
The PR team worked overtime, releasing counter-videos of Dewan schools, hospitals, and industrial contributions.
But the tide was against them.
Ayesha Noor, a respected business analyst, tweeted:
"What's tragic isn't that Dewan Group is under attack. It's that we've created a system where any ambitious businessman can be buried by politics, not market forces."
Scene 5: The Family Reacts
At the Clifton residence, the Farooqui family gathered over dinner. Yousuf's eldest son, Zain, who had stayed out of the business, asked:
"Why didn't you prepare for this? You knew the system eats its own."
Yousuf replied quietly, "You prepare for storms, not assassinations."
"Then maybe it's time to sell. Get out. Save what's left."
Yousuf's wife, Ayesha, intervened. "This isn't just a business, Zain. It's our name."
Scene 6: The Legal Counteroffensive
Within a week, Dewan filed a Rs. 3 billion defamation suit against ARY and Arshad Sharif. The Sindh High Court issued a notice but didn't grant a stay on media broadcasts.
At the press conference announcing the lawsuit, Batool addressed the media:
"We welcome scrutiny. But this is not scrutiny—it is slander dressed as journalism. We challenge any regulatory body to audit us fully."
The Securities and Exchange Commission of Pakistan (SECP) responded two days later with an official investigation.
Scene 7: Friends and Foes
Business allies were quick to distance themselves. The Habib Rafiq Group pulled out of a joint logistics venture. Meetings with Hyundai executives were indefinitely postponed.
But others reached out quietly. Mian Mansha reportedly told a mutual contact:
"Don't count them out. The Dewans have fire in their blood."
A few private equity firms from the UAE expressed conditional interest in acquiring Dewan Motors, at a discount.
Scene 8: The Internal Investigation
The source of the leak was finally traced—an IT officer named Faheem Ahmed, fired during cost-cutting in 2017, had retained backups of group emails.
In a meeting, Yousuf sighed, "We gave him a chance when he had none. He returned it with poison."
Scene 9: Redemption or Ruin?
The controversy did irreversible damage. Dewan Group lost Rs. 4.6 billion in market value within three weeks. Lenders became cautious. Public trust plummeted.
But amidst the rubble, an opportunity emerged. A consortium of international investors—observers of Pakistani markets—offered to take over 30% of Dewan Motors in exchange for capital infusion and management control.
In the final board meeting of the quarter, Danish said:
"Maybe this is what we needed—a reset. Burn the old myths. Build something new."
Yousuf looked around the table. He was tired, yes. But not finished.
"Let them write what they want. We'll write the next chapter."
Final Thoughts
Chapter 29 exposed the vulnerability of even the most established business houses in the age of viral information, political vendettas, and media trials. In Pakistan's volatile ecosystem, reputation is as critical as capital—and can be destroyed in an instant.
Question for Readers: Should businesses in emerging economies fight public battles in the media—or retreat into silence and rebuild behind the scenes? What would you do if your family's name became a national headline?