Fake accounts case: FIA team retrieves record from SECP office


The Federal Investigation Agency (FIA) raided the office of the Securities and Exchange Commission of Pakistan (SECP) in Islamabad and retrieved the record of companies involved in the fake bank accounts case.

According to reports, the FIA learnt through a tip-off that the record of several banks involved in the scam was being moved which prompted a team under the supervision of the agency’s additional director to raid the SECP office and recover it.

A senior official of the SECP confirmed the FIA team’s arrival, reports claimed, adding that the commission’s former chairman Tahir Mehmood is being accused of abusing his powers by ‘deliberately’ concealing the record related to Summit Bank.

Mehmood reportedly fled the country after the disclosure of JIT report on money laundering and fake accounts.

Moreover, records related to Mehmood were also taken in possession by the FIA. The raid occurred after JIT submitted their report in the fake bank accounts case on December 20 which alleged Mehmood of using the bestowed authority for wrong purposes.

The reports alleged Mehmood of willingly concealing details regarding Summit Bank and amalgamating two banks into the Summit Bank.

On Monday, the apex court barred the trading and transfers of the properties of the Zardari Group, Bahria Town and Omni Group after a report submitted by a JIT held them responsible in the mega money laundering and fake accounts case.

During the hearing, the chief justice remarked that household expenses of Zardari and Bilawal were paid through these companies. “Zardari and Bilawal’s heater bills and even the money spent on their dogs was paid by someone else,” he added.

The JIT report further said, “These companies paid for Zardari family’s monthly expenditure of over Rs10.2 million. Even money for the construction of Bilawal houses in Lahore and Karachi were paid through fake bank accounts.”

“Omni Group also kept making payments for dry cleaning of Zardari’s clothes,” the report stated.

“Rs1.2 billion were transferred to the account of Zardari’s sister Faryal Talpur which was used to purchase land for Bilawal House, Lahore and land in Tando Allahyar,” it added.