KARACHI: Chairman of the Karachi Stock Exchange (KSE) and former president of various banks, Hussain Lawai was on Friday taken into custody by the Federal Investigation Agency (FIA) for further investigation in a money laundering scandal, termed by many as the “biggest in Sindh’s history till date”.
According to FIA sources, 29 ‘benami’ accounts opened in the names of seven people were used to launder around Rs25 billion. The accounts were opened in three banks including Summit Bank and Sindh Bank reportedly under the names of businessman Anwar Majeed and employees of the Omni Group.
Lawai, who is believed to be a close aide of Pakistan People’s Party (PPP) Co-Chairman Asif Ali Zardari, was stopped from going abroad via Jinnah International Airport in Karachi on June 26 by the FIA for investigation purposes.
Soon afterwards, son-in-law of Malik Riaz, Zain Malik was also stopped from going abroad. Zain Malik, along with Shahrukh Jatoi’s father Sikandar Jatoi, had deposited Rs2 billion into the accounts.
It is being suspected that the accounts were used to launder money from Bahria Town and other housing projects.
Furthermore, Chief Justice of Pakistan (CJP) Mian Saqib Nisar while taking notice of the case had summoned the FIA’s director general on July 8.
Lawai is a banking veteran with over 40 years of experience in the field. His credentials include CEO and President of Summit Bank, CEO and President of Muslim Commercial Bank (MCB), CEO and President of Atlas Bank Limited, as well as, country general manager of Faysal Islamic Bank and Union Bank of Middle East.