Daily Times

The Supreme Court on Monday dismissed an appeal seeking restoration of 29 bank accounts deemed suspicious in the alleged Rs 35 billion money laundering case.

A three-member apex court bench headed by Chief Justice Mian Saqib Nisar and comprising Justice Umar Ata Bandiyal and Justice Ijazul Ahsan heard a joint appeal filed by Ansari Sugar Mill, TCB Sugar Mills and Noudero Chamber – wherein the petitioners prayed to the apex court to allow transactions using 29 ‘fake’ accounts, earlier opened in Summit Bank, Sindh Bank and United Bank Limited (UBL) for the alleged purpose of channeling illegal funds.

As the hearing went underway, the counsel for the petitioner argued that the SC order to halt operations of said accounts would lead to the closure of their companies. Dismissing the petition, Justice Nisar remarked that the companies might shut down but the top court would decide on the matter after the Federal Investigation Agency’s (FIA) inquiry in the matter was completed.

It is pertinent to note that the alleged beneficiaries of the 29 dubious accounts include former president Asif Ali Zardari and his sister Faryal Talpur. However, the siblings were given relief by the SC when it directed FIA to halt all probes in the fake bank accounts case until after the general election.

Published in Daily Times, July 31^st 2018.