- Petitioners say companies risk closure if accounts remain frozen in Rs35bn scam
- CJP says court will decide matter after FIA completes inquiry
KARACHI: The Supreme Court (SC) on Monday dismissed an appeal seeking restoration of 29 ‘fake’ bank accounts in the alleged Rs35 billion money laundering case.
Chief Justice of Pakistan (CJP) Mian Saqib Nisar was heading a three-member bench, comprising Justice Umar Ata Bandiyal and Justice Ijazul Ahsan, that heard a joint appeal filed by Ansari Sugar Mill, TCB Sugar Mills and Noudero Chamber.
The petitioners requested the apex court to allow transactions using 29 ‘fake’ accounts, earlier opened in Summit Bank, Sindh Bank and United Bank Limited (UBL) for the alleged purpose of channelling ‘illegal funds’.
As the hearing went underway, the petitioners’ counsel argued that the SC’s order to halt operations of the accounts will lead to the closure of their companies.
The FIA is investigating alleged fake bank accounts from which money was laundered and has named Pakistan People’s Party (PPP) Co-Chairman Asif Zardari and his sister, Talpur, among the 32 suspects.
“The companies may shut down but the top court will only decide on the matter after the Federal Investigation Agency’s (FIA) inquiry in the matter is completed,” Justice Nisar said, dismissing the petition.
Earlier in the day, PPP leader Faryal Talpur challenged the FIA’s interim charge-sheet in the money-laundering case.
Following the elections, FIA resumed the investigation and summoned Zardari and Talpur on July 28. The brother-sister duo had requested more time to appear before the court.
Moreover, Talpur appeared before a banking court on Saturday and submitted surety bonds worth Rs2 million to secure an interim pre-arrest bail till August 6 in the same case.
Talpur did not appear before the FIA earlier as she sought more time.
In her application before the SHC, Talpur stated that “the FIA’s interim charge-sheet does not clearly mention the charges or her name”.
She has pleaded the court to “dismiss the FIA’s charges and issue a stay order on the action being taken on its basis”.
The FIA is investigating 32 people in relation to money-laundering from fictitious accounts, under which Zardari’s close aide and then-Pakistan Stock Exchange Chairman Hussain Lawai were arrested earlier this month.
The FIA inquiry started when the financial monitoring unit of the State Bank of Pakistan generated a ‘suspicious transaction report’ in January of this year regarding ten bank accounts.
The accounts at a private bank were opened in 2013, 2014 and 2015 from where transactions worth billions of rupees were made.
It was reported by an FIA official that the money in the account was gathered from various kickbacks, commissions and bribes.
“Despite these huge transactions, the bank authorities never reported them to the authorities concerned including the FIA,” the FIA official said.
