SC summons Summit Bank, Sindh Bank and UBL heads in money laundering case

July 8, 2018

The Supreme Court has ordered the heads of Summit Bank, Sindh Bank and UBL to appear before it in a case involving fake bank accounts.

Chief Justice Saqib Nisar asked FIA Director General Bashir Memon to give the court the investigation files.

Memon informed the court that the case involved 29 fake accounts on seven people’s names. Over Rs35 billion was funneled through these accounts at the three banks.

Summit Bank Vice-Chairperson Hussain Lawai, who is also a close aide of PPP Co-Chairperson Asif Ali Zardari, was arrested by the FIA in this case on July 6. Taha Raza, another accused in the case, has also been arrested.

Tell us whose names the accounts were on, the CJ told Memon, adding that he wanted to know who is behind the whole scam.

The FIA DG said all the beneficiaries of the accounts have been issued notices.

Justice Nisar criticised Memon for acting slowing and said the court will issue notices to the accused itself. This is an important issue, he said, asking why the FIA was being so hesitant.

Memon said an issue in their investigation was that banks do not readily provide data against their heads.

He informed the court that Nasir Abdullah, who is the chairperson of Summit Bank, has an account through which Rs2.94 billion was funelled and has also been implicated in the case.

The CJ asked how the money was sent to the Zardari group and through whose accounts it was sent. Memon replied that the money was indeed sent from one of the suspected fake accounts.

The FIA head informed the court that the accounts were mainly on the names of poor labourers.

Justice Aijazul Hassan remarked that the people in whose names the accounts were made likely had no idea of their existence.

Memon said that Rs35 billion had already been funneled through Summit Bank. He said that so far, they have received the records of only one account, adding that the banks are not cooperating with the FIA.

 
 

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