Daily Times

The Supreme Court on Sunday ordered placement of the names of heads of three private banks on the Exit Control List (ECL) in connection with a fake bank accounts case.

The order came as Chief Justice of Pakistan Justice (CJP) Mian Saqib Nisar took notice of the slow pace of inquiry into the case and formed a Joint Investigation Team (JIT) comprising financial experts to probe money laundering allegations.

As the hearing went underway, Federal Investigation Agency (FIA) Director General Bashir Memon told a three-member bench, headed by the top judge, that the investigation into the matter was launched on an intelligence tip in 2010.

“Out of the 29 accounts identified by the authority, 16 existed in Summit Bank, eight in Sindh Bank and five in UBL, while transactions worth Rs 35 billion were recorded among seven people.”

Upon Justice Nisar’s inquiry, Memon revealed ownership of various accounts. Elaborating bank transfers, he said that Rs 70 million were transferred to Ansari Sugar Mill, Rs 5 million to Omni, Rs 15 million to Pak Ethanol, Rs 200 million to Chamber Sugar Mill, Rs 5.7 million to Agro Firm and Rs 15 million to Zardari Group Pvt Ltd through alleged fake bank accounts.

When the top judge asked why the suspect behind money laundering of over Rs 35 billion had not been summoned, Memon replied that FIA had sent notices to all suspects. He said that the agency had arrested Hussain Lawai – vice-chairman of Summit Bank and a close aide of Pakistan People’s Party (PPP) Co-chairperson Asif Ali Zardari.

The apex court also summoned seven fake bank account holders and 13 beneficiaries on July 12 (Thursday).

Former president Asif Ali Zardari, his sister Faryal Talpur, Tariq Sultan, Erum Aqeel, Muhammad Ashraf and Muhammad Iqbal Arain were among those who had been issued notices to appear before the top court on the given date. The court also directed the Sindh Police inspector general to ensure that all those summoned be present for the hearing on the given date. The hearing was then adjourned till July 12.

Published in Daily Times, July 9^th 2018.