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23 Oct 2018

Over PKR 10,000cr laundered through fake bank-accounts: Pak SC informed

Pakistan: Fictitious bank accounts involved in money-laundering

An amount of over PKR 10,000 crore was laundered allegedly through fake bank accounts, mostly of poor people, the Joint Investigation Team (JIT) probing the scam has informed the Pakistan Supreme Court, a report said.

The Federal Investigation Agency (FIA) is investigating large-scale money laundering cases after the Supreme Court appointed the JIT to probe into the into the money laundering cases.

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Pakistan: Fictitious bank accounts involved in money-laundering
Dormant accounts of poor people have also been activated: Report

Report

Dormant accounts of poor people have also been activated: Report

The Joint Investigation Team (JIT), which submitted its second report in the case to the apex court on Monday, said that what started as fictitious bank accounts evolved into an extremely complicated scam of money laundering crossing PKR 10,000 crore, the media reported.

In many cases, dormant accounts of poor people have been activated with the connivance of some bank officials for huge transactions.

FIA

Former Pakistani President's name came out during the investigation

The FIA is investigating 32 people in connection with money laundering from fictitious accounts, including former Pakistan President Asif Ali Zardari and his sister Faryal Talpur.

Zardari's close aide Hussain Lawai was arrested in July in connection with the probe.

The former President's another close aide and his son were also arrested by the FIA in August this year.

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Transactions worth billions of rupees were made through 'benami' accounts

Benami accounts

Transactions worth billions of rupees were made through 'benami' accounts

The probes into the money laundering case so far have revealed that several 'benami' accounts at some private banks were opened in 2013, 2014, and 2015 from where transactions worth billions of rupees were made.

The amount, according to FIA sources, is said to be black money gathered allegedly from various kickbacks, commissions, and bribes, the report said.

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