Karachi (July 07, 2018): A local court on Saturday remanded Hussain Lawai, a close aide of former president Asif Ali Zardari, in the custody of the Federal Investigation Agency in a money-laundering probe till July 11.
Lawai was arrested by the FIA on Friday in connection with alleged money laundering worth billions of rupees. The investigation agency is probing a potential laundering scandal of Rs35 billion implicating a top political leader along with his businessman and banker friends.
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The Judicial Magistrate court (South) approved the physical remand of Lawai and another suspect Taha Raza, both of whom were brought before the court earlier today.
The probe was launched after the Financial Monitoring Unit of the State Bank of Pakistan generated a Suspicious Transaction Report in January this year about 10 bank accounts.
FIA officials say that 32 people, including Lawai, are being investigated for laundering billions of rupees through ‘benami’ accounts.
According to sources, over 20 ‘benami’ accounts at a private bank were allegedly opened in 2013, 2014 and 2015 from where transactions worth billions of rupees were made in the accounts. The amount, according to FIA sources, is said to be black money gathered from various kickbacks, commissions and bribes.
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.”
Talking about his health he said that he is cardiac patient and he would request to the court to provide him relief on medical grounds.
Lawai has served as the chairperson of the Pakistan Stock Exchange and head of Summit Bank.
These people made accounts in three banks, including Summit Bank and Sindh Bank. The accounts are reportedly used by Anwar Majeed, another of Zardari’s close aides, and employees of the Omni Group. Majeed has not appeared in court despite multiple notices being issued to him.
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.
The FIA has said that it fears that the accounts are used to launder kickbacks from Baharia Town and other housing projects.
Chief Justice Saqib Nisar has taken notice of the money laundering scandal and summoned the FIA’s director general on Sunday, July 8, at 10am.
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