The year was 2018, and Pakistan's political and economic landscape was in the midst of a dramatic transformation. The elections had brought Imran Khan's PTI into power, ending the decade-long dominance of the PML-N and PPP. The rhetoric of "Naya Pakistan" filled television screens, and promises of anti-corruption, transparency, and accountability echoed across the nation.
But beneath the slogans and fiery speeches, business families like the Dewans, already battered by financial scandals, defaults, and internal conflicts, had to navigate an increasingly hostile terrain. The Pakistan of the 1990s and 2000s — where connections with ruling politicians could secure loans, subsidies, and favors — was fading. In its place emerged a system where the National Accountability Bureau (NAB), State Bank of Pakistan (SBP), and regulators like SECP (Securities and Exchange Commission of Pakistan) became sharper weapons in the state's arsenal.
For the Dewan Group, once a titan of industry stretching from textiles and sugar to cement, automotive, and energy, the "changing Pakistan" meant more scrutiny, less leverage, and an uphill battle for survival.
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Scene 1: A meeting in Karachi
The boardroom of Dewan Mushtaq Group's head office in Karachi's Shahrah-e-Faisal was tense. Papers were scattered across the table, balance sheets filled with red ink.
Dewan Mohammad Yousuf Farooqui, the patriarch, sat at the head of the table, visibly aged from the relentless pressures of the past decade. His sons, Dewan Salman and Dewan Ishtiaq, sat on either side, their expressions a mix of frustration and worry.
Also present were Tariq Mehmood, a long-time financial advisor to the group, and advocate Faisal Siddiqi, who had been handling many of their legal entanglements.
"Gentlemen," Yousuf began, his voice firm but weary. "The Pakistan of today is not the Pakistan we knew. We survived Musharraf, we survived Zardari, we survived Nawaz Sharif. But this government—" he paused, looking at his sons, "—this government is different."
Tariq nodded. "Sir, NAB is aggressively reopening cases. Old loan defaults from National Bank, Habib Bank, and Bank of Punjab are being put under a microscope. They are treating you not as an industrialist who created jobs but as a wilful defaulter."
Salman slammed his hand on the table. "But what about the Rao brothers, what about the Ittefaq Group, or even Omni Group of Anwar Majeed? They all used political connections. Why are we being singled out?"
Advocate Faisal leaned forward. "Because the narrative has changed. PTI built its entire movement on targeting the corrupt elite. They need trophies, high-profile cases to prove they're serious. And the Dewan name, once synonymous with success, has become an easy target."
Yousuf exhaled heavily. "So, what is our strategy? Bankruptcy? Settlement? Or fight?"
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Scene 2: Islamabad – corridors of power
In Islamabad, within the offices of the Ministry of Finance, conversations about the Dewan Group were taking place too.
Asad Umar, then Finance Minister, had just finished a meeting with State Bank Governor Tariq Bajwa. The agenda: restructuring Pakistan's economy, bringing down the fiscal deficit, and tightening control on defaulters.
Asad tapped his pen against the file. "These industrial groups — the Saigals, the Hashwanis, and the Dewans — for decades, they thrived on political patronage. They took loans, rolled them over, and enjoyed write-offs. That era has to end if we are serious about reforms."
Governor Bajwa adjusted his glasses. "Agreed. But we must also be careful. Groups like Dewan still employ thousands, directly and indirectly. If we squeeze them too hard, there will be unemployment, which fuels political instability."
At that moment, Shahzad Akbar, PM's Advisor on Accountability, entered the room with a NAB dossier in hand. He placed it on the table with a thud.
"This," Shahzad said, "is the file on Dewan's defaults. Over 40 billion rupees across various banks. The people deserve answers. If we don't pursue this, we look weak."
Asad Umar leaned back in his chair. "And if we do, we might cripple another industry. This is the Pakistan paradox."
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Scene 3: The Press turns hostile
The media, once friendly to businessmen who generously advertised, had changed as well. In an age of social media, leaks and rumors spread like wildfire.
A Geo News anchor held up a document live on air:
"Viewers, tonight we show you exclusive papers from NAB's investigation into Dewan Group. Billions in unpaid loans. Factories closed. Workers unpaid. The question is: were these loans ever meant to be repaid?"
On ARY News, the narrative was harsher:
"While ordinary Pakistanis struggle to pay utility bills, elite groups like Dewan live in luxury, refusing to return what belongs to the people."
The younger Dewans watched these programs with fury.
"This is character assassination!" Ishtiaq yelled in the family lounge. "No one talks about how governments pressured us into expansions, into sectors like cement and autos. No one talks about how policy shifts destroyed us."
Salman muttered bitterly, "Because people love a villain. And right now, we're the villain they need."
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Scene 4: Behind closed doors – conspiracy theories
At a private dinner in Lahore, attended by industrialists including Mian Mansha, Arif Habib, and a few Saigal family members, whispers spread.
Mansha, sipping his tea, said quietly:
"Mark my words, the fall of Dewans is not just NAB's doing. Some players want their assets. Their cement plants, their auto franchise, their real estate — all valuable. In Pakistan, when a group collapses, vultures circle."
Arif Habib nodded knowingly. "Yes, especially the cement plants. In a market where Lucky Cement, DG Khan Cement, and Bestway dominate, Dewan's collapse means redistribution of market share. Who benefits? That's the real story."
Another industrialist leaned forward. "And don't forget the Saudis. The Dewans once had strong Saudi connections. But the new alliances, with the Al-Tuwairqi Steel saga, mean Riyadh prefers other partners now. This is business wrapped in geopolitics."
Everyone at the table understood. In Pakistan, conspiracies weren't fantasy — they were business strategy.
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Scene 5: A desperate move
In 2019, the Dewans attempted a comeback plan. They announced efforts to revive their cement plants and proposed new joint ventures in energy. Meetings with Chinese investors under the CPEC framework were initiated.
At a meeting in Karachi with Chinese representatives from PowerChina, Salman passionately presented slides.
"We have land, we have partially completed infrastructure, we only need capital infusion. Together, we can create something sustainable, aligned with Belt and Road vision."
The Chinese delegation listened politely but asked the hard questions.
"Mr. Salman, your group is already listed as a defaulter in Pakistan's banking system. How can we justify to our board an investment in a group with ongoing NAB cases?"
The room fell silent. The Dewans knew this stigma was more dangerous than their debts.
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Scene 6: Personal toll
Beyond the boardrooms and courtrooms, the human cost was devastating.
At the closed Dewan Textile Mill in Hyderabad, a group of workers gathered at the gates, unpaid for months. Journalists recorded their anger.
One worker shouted into the microphone:
"We gave our lives to this mill. Our fathers worked here, we grew up here. Now, the owners live in Karachi mansions while we starve. Is this justice?"
These stories circulated widely, painting the Dewans as exploiters.
At home, Yousuf sat quietly one evening, holding old photographs of groundbreaking ceremonies with dignitaries like Benazir Bhutto and Musharraf. He whispered, almost to himself:
"How quickly the nation forgets who built these industries."
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Scene 7: A conversation with regulators
In late 2020, at SBP headquarters, a confidential meeting was held between Reza Baqir, newly appointed Governor, and top bankers.
Reza was blunt.
"Gentlemen, we must clean the books. Legacy defaulters like Dewan cannot drag the system forever. Either they restructure transparently, or we proceed legally."
One banker raised a concern. "But Governor, if Dewan assets are liquidated, foreign investors will see this as instability. It may scare others away."
Reza shook his head. "On the contrary, it will send a message: Pakistan is serious about accountability."
Unknown to them, minutes of this meeting were leaked weeks later, causing another media storm.
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Closing reflections
By 2021, the Dewans were shadows of their former selves. They fought cases, negotiated with creditors, and sought new strategies, but the changing Pakistan left little room for the old ways of doing business.
Where once patronage and political alliances had been their armor, now transparency and scrutiny had become their greatest enemies.
For Pakistan, the fall of such groups symbolized both progress and tragedy: progress, because accountability was being demanded; tragedy, because industries that once employed thousands lay in ruins.
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