NAB to form JIT in fake accounts case

ISLAMABAD: The National Accountability Bureau (NAB) on Tuesday said that a joint investigation team (JIT) will be constituted to investigate the fake bank accounts case.

NAB had decided to form a JIT over the matter during a high-level meeting headed by NAB Chairman Justice (r) Javed Iqbal.

According to a press release issued by the accountability watchdog, NAB Rawalpindi Director General Irfan Mangi will head the JIT which will be overseen by NAB chairman. The statement added that investigation has already begun.

“Investigation will be done in the light of Supreme Court’s judgement and evidence,” the statement read.

“NAB believes in taking the case to its logical conclusion after a transparent probe. Media should refrain from speculation,” it added.

Earlier this month, the SC had directed the anti-graft body to start a new inquiry into the case.

THE MONEY LAUNDERING CASE:

On December 24, the JIT, formed on the apex court’s orders to probe into the alleged money-laundering case, presented its 128-page final report to the court which included recommendations for filing 16 NAB references.

The report had mentioned that 29 fake accounts were identified by the Federal Investigation Agency (FIA) which had laundered Rs42 billion, however, the team further discovered 11,500 bank accounts of 924 account holders, 59 Suspicious Transaction Reports (STRs) and 24,500 Cash Transactions Reports (CTRs). All of these details were scrutinised, besides the loan profile of 924 individuals.

The report further stated that the fake accounts were opened through the Omni Group, however, the accounts had been engaged with direct transactions with the Zardari Group, Bahria Town, Sindh government departments and certain contractors while the ultimate beneficiary of money laundering was Zardari’s family. Later, the court had ordered Zardari to submit his reply by December 31, however, during the previous hearing, extended his and his sister s interim bail till January 7.

On September 6, the SC had formed a JIT to probe into alleged mega money laundering of Rs42 billion channelled through fake bank accounts in three banks. Besides the Zardari family, several prominent individuals including former Summit Bank president Hussain Lawai and Omni Group president Anwar Majeed, have been accused in the case.

Property tycoon Malik Riaz, his son-in-law Zain, Sindh Chief Minister Murad Ali Shah and PPP Chairman Bilawal Bhutto-Zardari have been also included in the inquiry.