Fake accounts: SC directs JIT to submit progress report within two weeks

Notice issues to IG Sindh over alleged kidnapping of witnesses in the case

ISLAMABAD: The Joint Investigation Team (JIT) probing money laundering of more Rs35 billion through fake accounts has been given two weeks to submit a progress report before the Supreme Court.

The country’s top court on Monday resumed the hearing of a suo motu case pertaining to money laundering through fake accounts that also involves the Pakistan Peoples Party (PPP)’s top leadership.

Former president Asif Ali Zardari, his sister Faryal Talpur, Omni Group’s Anwar Majeed, former Pakistan Stock Exchange chairman Hussain Lawai and Summit Bank Senior Vice-President Taha Raza are among those being investigated by the Federal Investigation Agency (FIA) for alleged money laundering of over Rs35 billion through fake accounts.



In the hearing, Chief Justice Mian Saqib Nisar inquired about the time-frame of the detailed JIT report. Responding to the query, JIT head Ahsan Sadiq sought till December 15 to submit the report.

The top judge expressed displeasure at Omni Group’s lack of progress in finalising loans it owed to banks. According to the Federal Investigation Agency (FIA), the group's assets worth Rs11.29 billion were mortgaged with banks and it owed total debt of Rs73 billion to a different bank - it took Rs23 billion from the National Bank of Pakistan and Rs50 billion respectively from Sindh Bank, Silk Bank and Summit Bank.

Addressing Omni Group's Namar Majeed, Justice Nisar remarked that the latter had been spared from being arrested to ensure financial matters were resolved. The top court had directed Omni Group to compensate losses incurred by banks.



"If you’re staying out of prison is not making a difference then we shall jail you too," he added.

The top judge also directed authorities to transfer Abdul Ghani Majeed to Adiala Jail.

Adjourning the hearing till November 17, the SC summoned Abdul Ghani and top officials of concerned banks. The bench also issued a notice to Inspector General Sindh Kaleem Imam over a plea pertaining to alleged kidnapping of two witnesses in the case.