Fake accounts case: NAB arrests suspect running ‘front company’

Noor has been accused of acquiring loans, misappropriating funds

ISLAMABAD: A team of the National Accountability Bureau (NAB) arrested another suspect in the fake accounts case on Thursday, said a statement released by the anti-graft watchdog.

 

Pakistan Peoples Party leaders Asif Ali Zardari, Faryal Talpur, Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan Stock Exchange chairperson Hussain Lawai, Summit Bank Senior Vice-President Taha Raza are among those being investigated in a case related to money laundering of billions through fictitious bank accounts. The matter is also being heard by the Supreme Court.

NAB arrested Muhammad Iqbal Khan Noori, director of Parthenon Pvt Ltd which is a front for Park Lane Estate Pvt Ltd – a company owned by PPP chairman Bilawal Bhutto Zardari and father Asif, added the NAB statement.

Noor has been accused of corrupt practices including misappropriating funds and extending loans.

The accountability watchdog said he managed to obtain Rs1.5 billion in loans from National Bank of Pakistan (NBP) and Summit Bank. The loan increased to Rs3.5 billion through “corrupt practices” leading to pecuniary advantages for Parthenon Pvt Ltd.



In March, NAB summoned Bilawal and Zardari in a case alleging illegal transfer of forest land to Pak Lane Estate Company (pvt) Ltd.

NAB claims the company was illegally acquired by the former president through a front man, Iqbal Memon, in 1989. Twenty years later, Zardari and Bilawal became shareholders of the company.

Maintaining that the notice is politically-motivated, the PPP said its top leadership will appear and respond to verbal and written questions. The bureau reportedly prepared a draft of 100 questions. Zardari and Bilawal's statement was recorded in the presence of two joint-investigation teams.