Karachi (August 20, 2018): Karachi’s Banking court on Monday rejected bail pleas of former Pakistan Stock Exchange chairman Hussain Lawai and Taha Raza in a money laundering case.
An investigation in the case is underway and hence we cannot approve bail pleas at this time, the court ruled.
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Earlier on August 08, Karachi Banking Court adjourned the hearing of bail plea of Hussain Lawai in money laundering case.
According to details, Banking Court heard the bail plea of head of private bank Hussain Lawai and Talha Raza, due to boycott of lawyers Banking Court could not further proceed the case.
It is pertinent to mention that counsel of Hussain Lawai and Talha Raza given arguments on bail plea, while FIA prosecutor has to argue on the matter; investigation officer of FIA did not appear before the court.
Banking Court warned in last hearing that if FIA prosecutor will not argue the court will announce its decision.
Lawai, who is a close aide of former president Asif Ali Zardari, was arrested by the Federal Investigation Agency (FIA) on July 6 in connection to a multi-billion money laundering scam.
Twenty-nine accounts belonging to seven people have been used to launder around Rs30 billion in Sindh, according to the FIA, which is being called the ‘biggest money laundering case in Sindh’.
These people made accounts in three banks, including Summit Bank and Sindh Bank. The accounts were reportedly used by Anwar Majeed, another of Zardari’s close aides, and employees of the Omni Group.
Summit Bank alone had 16 accounts with transactions of Rs20 billion. Baharia Town head Malik Riaz’s son Zain Malik and Shahrukh Jatoi’s father Sikandar Jatoi had put money in the accounts. Zain reportedly put Rs2 billion in the accounts.
Speaking to media following his court appearance, Hussain Lawai said he had no connection whatsoever with the money-laundering case.
“No recovery was made [from me]. I’m president of a bank, not a [mere] branch manager,” he said, adding that he did not know whether he had been arrested due to his ties with Zardari or for some other reason.
“Time will tell why I’m being targetted, whether the money-laundering happened or not.”
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