The FIA arrested on Thursday a man for operating benami bank accounts in Peshawar.
The suspect, identified as Fazal Khan, had 35 benami bank accounts in his name at various banks.
Benami literally means ‘without a name’ and is an arrangement where property is held and used by one person on behalf of another person who paid for it or a transaction that is made for a piece of property under a fictitious name. It can also mean when the purported owner of a property is unaware of it or denies ownership.
According to the FIA, they arrested him from Mall Road. They said he had 35 accounts at various banks through which transactions of Rs9 billion had been made.
He was also involved in the hawala hundi (illegal money transfer) business, said sources in the FIA. They said that he would receive money from Saudi Arabia and the UAE, among other Gulf countries, through hawala and hundi and would then transfer that money to various accounts.
A case has been lodged against him and investigations have been started.
On November 5, the FIA found that 35 benami accounts had been used to funnel Rs10 billion and all the accounts were in the names of eight domestic workers. According to the agency, these workers earned Rs10,000 to Rs15,000 a month but had billions in their accounts. The FIA believed the accounts were used for money laundering.