The Supreme Court on Sunday summoned Hussain Lawai, Chairman Pakistan Stock Exchange (PSX), and others involved in money-laundering through fake accounts. The court directed the Federal Investigation Agency (FIA) to produce the Chief Executive Officers (CEO)/President of three banks - Summit Bank, Sindh Bank and United Bank Limited before the court on July 12.
Ministry of Interior is ordered to place their names on Exit Control List (ECL) so that they could not leave the country. The court stated Rs 7 billion equity amount that Summit Bank deposited in State Bank of Pakistan can't be withdrawn without the permission of apex court.
Inspector General of Police, Sindh, has been directed to ensure the presence of all the beneficiaries on next date of hearing. A three-member bench, headed by Chief Justice Mian Saqib Nisar, was hearing suo moto on fake accounts.
FIA Director General Bashir Memon informed the SC that in 2015 on the basis of a report, the agency started an inquiry during that it came to its knowledge that fake accounts were being opened in the banks. "When we further probed deep we found the existence of 29 such accounts," he added. "Sixteen such accounts were opened in Summit Bank, eight in Sindh Bank, and five in United Bank Limited," he told.
Bashir Memon said seven persons opened these 29 fake bank accounts, which are; Tariq Sultan (5 local accounts and one foreign), Iram Aqeel, two accounts in the name of Ibrahim Linkers; Muhammad Ashraf, four accounts in the name of Logistic Trading; Muhammad Iqbal Arain, four accounts; Muhammad Umair, six accounts in the name of Umair Associates; Adnan Javed, three accounts in the name of Lucky International and Qasim Ali, three accounts in the name Royal International.
During the proceeding, the chief justice revealed, "When I got report that Summit Bank is being merged in the Sindh Bank then I ordered the State Bank of Pakistan to stop this merger."
DG FIA also told that there also 15 significant business entities, which deposited various amounts in this fake account include M/s Bahria Town Karachi Project and Zain Malik, who deposited Rs 750 million. M/s Sujawa Agro Farms (Pvt) Ltd deposited Rs 50.50 million, M/s Tando Allahyar Sugar Mills (Pvt) Ltd deposited Rs 238.446 million and M/s Omni (Pvt) Ltd Rs 50.00 million. M/s Agro Farms Thatta deposited Rs 17.00 million, M/s Alfta Zulu Co. (Pvt) Ltd Rs 22.50 million, M/s Haji Mureed Akbar Rs 20.00 million, M/s Sher Muhammad Mugheri & Co Rs 50.00 million, M/S Sardar Muhammad Ashraf D Balcoh (Pvt) Ltd Rs 100 million, M/s A-One Int'l Rs 184.506 million. Besides, M/s Lucky International deposited Rs 305.00 million, M/s Logistic Trading Rs 145 million, M/s Iqbal Metals Rs 156.380 million, M/s Royal International Rs 185.00 million and M/s Umair Associates Rs 581.20 million.
The DG FIA further apprised that there is a list of beneficiaries who made biggest transfer out of the 'fake account' was to an Arab national Naseer Abdullah Lootah, Chairman Summit Bank. The amount totalled Rs 2.492 billion. A total of Rs 73.782 million were transferred to M/s Ansar Sugar Mills (Anwar Majeed and Ali Kamal Majeed), Rs 5.00 million were transferred to Omni Polymer Packages (Pvt) Ltd (Abdul Ghani Majeed and Ali Kamal Majeed), Rs 15.00 million to M/s Pak Ethanol (Pvt) Ltd (Mustafa Zulqarnain Majeed and Adbul Ghani Majeed).
Besides, Rs 200 million were transferred to M/s Chamber Sugar Mills (Anwar Majeed and Nimr Majeed), Rs 5.7 million to M/s Agro Arms Thatta (Anwar Majeed & Nazli Majeed) and Rs 15 million to M/s Zardari Group (Asif Ali Zardari and Faryal Talpur, etc).
Also, Rs 500,000 were transferred to M/s Parthenon (Pvt) Ltd (Iqbal Khan Noori, Rs 575,249 to M/s A-One Int'l, Rs 107.200 million to Lucky International, Rs 145.00 million to M/s Logistic Trading, Rs 285.00 million to Royal International and Rs 801 million to M/s Umair Associates.
Bashir Memon complained that the banks are not cooperating with them in tracing out further details of the fake accounts. The chief justice then ordered the banks to cooperate with the FIA and provide details. Justice Ijazul Ahsan inquired the DG FIA where funds from these accounts were utilized and whether the accounts are benamidar. Bashir Memon replied that all the accounts are benamidars.
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