Fake accounts case: IHC extends Zardari, Talpur's interim bail till June 10
NAB Prosecutor Jahanzeib Bharwana briefs IHC bench on money laundering case
A file photo of Asif Ali Zardari at one of the fake accounts hearing. PHOTO: EXPRESS
ISLAMABAD:
The Islamabad High Court (IHC) on Thursday extended Pakistan Peoples Party (PPP) Co-Chairman Asif Ali Zardari and sister Faryal Talpur's interim bail in the money laundering case till June 10.
The money laundering case is part of the investigations being conducted by NAB in pursuance of the Supreme Court’s verdict in the money laundering of billions through fake accounts case wherein it forwarded the joint investigation team (JIT) report with directions to investigate and file references.
Other suspects include 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.
During the hearing, the two-member bench comprising Justice Mohsin Akhtar Kiyani and Justice Amir Farooq was briefed on the case by NAB prosecutor Jahanzeib Bharwana.
Bharwana said the bureau had tracked the transfer of Rs1.5 billion to an account linked to the Zardari Group of Companies from an account identified to be fake. “The account holder had no idea that the account existed on his name,” he explained. “The transaction was flagged as suspicious by the State Bank of Pakistan.”
Justice Farooq inquired whether the anti-graft bureau had enough to initiate an investigation under the Anti-Money Laundering Act 2010. “Yes, we can launch an investigation without meeting requirements of the act,” replied Bharwana.
Advocate Farooq H Naek presented arguments from the defense. When lawyer Sardar Latif Khosa attempted to present ‘different’ arguments, Justice Kiyani reminded him that the bench was hearing a bail plea not a civil case. “This is not a trial,” added Justice Farooq.
The court denied Naek’s request to submit a reply to NAB’s document outlining details of the mega money laundering case.
On May 14, the anti-corruption unit furnished details of inquiries, investigations and references in the fake accounts case. In the report, NAB listed down at least eight cases where Zardari’s link had been established. It further added that 22 inquiries and three investigations are underway while three references have been filed.
Names of Zardari, Talpur struck off no-fly list
The fake accounts saga
Information regarding the fake accounts came to the fore when an intelligence agency picked up a prominent money changer in an unrelated case. In December 2015, the Federal Investigation Agency (FIA) began a discreet investigation into certain bank accounts through which multi-billion rupee transactions have been made.
The probe was initially shelved but resumed almost a year and a half later with FIA’s State Bank circle initiating a formal inquiry in January 2018. By June, the FIA had several high-profile names on its list but was unable to make headway–for several reasons.
It was at his point that the Supreme Court intervened and then chief justice Mian Saqib Nisar took suo motu notice of the ‘slow progress’ in the money-laundering case. In July, Zardari’s close aides Hussain Lawai, Taha Raza and two others were arrested. Subsequently, the first case was registered in the mega-corruption scandal.
The then chief justice ordered the formation of a joint investigation team to quicken the pace of the investigation. The JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.
Fake accounts case: Sindh CM Murad to appear before JIT today
The JIT report in a nutshell
According to the report, the JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.
Its experts generated 59 Suspected Transaction Reports (STR) and 24,500 Cash Transaction Reports. That means the transactions were flagged as suspicious.
Due to the high quantum of transactions, the JIT decided on a threshold of Rs10million “to track, follow and minutely investigate the flow of funds beyond the immediate counterparties and determine the source of funds and ultimate beneficiaries.”
It questioned 767 individuals, including Zardari and Talpur, while Bilawal submitted written responses.
Read the full text of the JIT report here.
The Islamabad High Court (IHC) on Thursday extended Pakistan Peoples Party (PPP) Co-Chairman Asif Ali Zardari and sister Faryal Talpur's interim bail in the money laundering case till June 10.
The money laundering case is part of the investigations being conducted by NAB in pursuance of the Supreme Court’s verdict in the money laundering of billions through fake accounts case wherein it forwarded the joint investigation team (JIT) report with directions to investigate and file references.
Other suspects include 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.
During the hearing, the two-member bench comprising Justice Mohsin Akhtar Kiyani and Justice Amir Farooq was briefed on the case by NAB prosecutor Jahanzeib Bharwana.
Bharwana said the bureau had tracked the transfer of Rs1.5 billion to an account linked to the Zardari Group of Companies from an account identified to be fake. “The account holder had no idea that the account existed on his name,” he explained. “The transaction was flagged as suspicious by the State Bank of Pakistan.”
Justice Farooq inquired whether the anti-graft bureau had enough to initiate an investigation under the Anti-Money Laundering Act 2010. “Yes, we can launch an investigation without meeting requirements of the act,” replied Bharwana.
Advocate Farooq H Naek presented arguments from the defense. When lawyer Sardar Latif Khosa attempted to present ‘different’ arguments, Justice Kiyani reminded him that the bench was hearing a bail plea not a civil case. “This is not a trial,” added Justice Farooq.
The court denied Naek’s request to submit a reply to NAB’s document outlining details of the mega money laundering case.
On May 14, the anti-corruption unit furnished details of inquiries, investigations and references in the fake accounts case. In the report, NAB listed down at least eight cases where Zardari’s link had been established. It further added that 22 inquiries and three investigations are underway while three references have been filed.
Names of Zardari, Talpur struck off no-fly list
The fake accounts saga
Information regarding the fake accounts came to the fore when an intelligence agency picked up a prominent money changer in an unrelated case. In December 2015, the Federal Investigation Agency (FIA) began a discreet investigation into certain bank accounts through which multi-billion rupee transactions have been made.
The probe was initially shelved but resumed almost a year and a half later with FIA’s State Bank circle initiating a formal inquiry in January 2018. By June, the FIA had several high-profile names on its list but was unable to make headway–for several reasons.
It was at his point that the Supreme Court intervened and then chief justice Mian Saqib Nisar took suo motu notice of the ‘slow progress’ in the money-laundering case. In July, Zardari’s close aides Hussain Lawai, Taha Raza and two others were arrested. Subsequently, the first case was registered in the mega-corruption scandal.
The then chief justice ordered the formation of a joint investigation team to quicken the pace of the investigation. The JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.
Fake accounts case: Sindh CM Murad to appear before JIT today
The JIT report in a nutshell
According to the report, the JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.
Its experts generated 59 Suspected Transaction Reports (STR) and 24,500 Cash Transaction Reports. That means the transactions were flagged as suspicious.
Due to the high quantum of transactions, the JIT decided on a threshold of Rs10million “to track, follow and minutely investigate the flow of funds beyond the immediate counterparties and determine the source of funds and ultimate beneficiaries.”
It questioned 767 individuals, including Zardari and Talpur, while Bilawal submitted written responses.
Read the full text of the JIT report here.