Fake accounts case: Court adjourns hearing till June 14
Asif Ali Zardari predicts Imran Khan's government won't last long
A file photo of Asif Ali Zardari at one of the fake accounts hearing. PHOTO: EXPRESS
ISLAMABAD:
The accountability court hearing the fake accounts case on Thursday adjourned the hearing till June 14.
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.
Pakistan Peoples Party senior leaders Asif Ali Zardari, Faryal Talpur, Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan Stock Exchange chairperson Hussain Lawai and Summit Bank Senior Vice-President Taha Raza among those being investigated by the National Accountability Bureau (NAB) for money laundering of millions through fictitious bank accounts.
On Thursday, Zardari along with sister Faryal appeared before the single-judge bench chaired by Judge Muhammad Bashir. Hussain Lawai, who is currently imprisoned at Adiala jail in Rawalpindi, was produced by the authorities. The court forwarded a copy of the reference details to all the suspects.
Till now, the anti-corruption watchdog has established Zardari's link in at least eight cases under the fake accounts scandal. A total of 22 inquiries and three investigations are underway while three references have been filed.
'Incumbent govt will not last long'
Speaking to reporters outside the accountability court, Zardari predicted that Imran Khan’s government will not last long. When asked if the opposition intends to initiate a movement against the government after Eidul Fitr, the former president answered with “God willing”.
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 accountability court hearing the fake accounts case on Thursday adjourned the hearing till June 14.
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.
Pakistan Peoples Party senior leaders Asif Ali Zardari, Faryal Talpur, Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan Stock Exchange chairperson Hussain Lawai and Summit Bank Senior Vice-President Taha Raza among those being investigated by the National Accountability Bureau (NAB) for money laundering of millions through fictitious bank accounts.
On Thursday, Zardari along with sister Faryal appeared before the single-judge bench chaired by Judge Muhammad Bashir. Hussain Lawai, who is currently imprisoned at Adiala jail in Rawalpindi, was produced by the authorities. The court forwarded a copy of the reference details to all the suspects.
Till now, the anti-corruption watchdog has established Zardari's link in at least eight cases under the fake accounts scandal. A total of 22 inquiries and three investigations are underway while three references have been filed.
'Incumbent govt will not last long'
Speaking to reporters outside the accountability court, Zardari predicted that Imran Khan’s government will not last long. When asked if the opposition intends to initiate a movement against the government after Eidul Fitr, the former president answered with “God willing”.
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.