The Supreme Court on Thursday constituted a six-member joint investigation team (JIT) to probe the Rs 35 billion fake accounts scam.
The JIT members are Ahsan Sadiq, Additional Director General (Economic Crime Wing), FIA Headquarters, Islamabad; Imran Latif Minhas, Commissioner-IR (Corporate Zone), Regional Tax Office, Islamabad; Majid Hussain, Joint Director BID-I, State Bank of Pakistan, Islamabad; Noman Aslam, Director National Accountability Bureau, Islamabad; Muhammad Afzal, Director Specialized Companies Division, Securities & Exchange Commission of Pakistan, Islamabad; and Brigadier Shahid Parvez of Inter-Services Intelligence (ISI).
The JIT will set up its secretariat at a place convenient to it. The JIT shall have all powers relating to inquiries and investigations including those available in the Code of Criminal Procedure, 1908; National Accountability Ordinance, 1999; Federal Investigation Agency Act, 1974 and the anti-corruption laws, etc.
All executive authorities or agencies in the country shall render assistance and provide support to the JIT in its working, if required.
The JIT shall submit periodic reports before the Supreme Court qua the progress made in the investigation on fortnightly basis under sealed cover for its examination.
The Additional Director General, FIA, who shall head the JIT may co-opt any other expert who may in his opinion be necessary to complete the investigation in an effective and timely manner. The first report of the JIT shall be filed within a period of 15 days from Thursday (September 06, 2018).
In order to ensure that the investigation is conducted in a professional, transparent and effective manner, neither the JIT and FIA nor any of the members of the JIT shall issue press releases or provide information relating to the investigation to the media.
For the safety of the investigators, Pakistan Rangers are directed to provide adequate and effective security to them and to ensure that they perform their functions without any fear to their life or liberty or that of their families, said the order. Such protection shall also upon request be provided to the witnesses.
The apex court had declined the request of Director General FIA Bashir Memon that investigation may be transferred to and conducted in Islamabad. However, it said that in case, any material, ground or information comes before this court showing interference in the investigation or an attempt to hamper, delay or obstruct investigation or creating an environment of fear and pressure for the investigators, the said request will be re-examined at that stage for passing appropriate orders.
The case was adjourned for 24.09.2018.
Earlier, the case arose out of inquiries initiated by Federal Investigation Agency (FIA) regarding fake/Benami accounts connected with various individuals and entities including A-One International, Iqbal Metals, Lucky International and Omair Associates. Another inquiry was also initiated on receipt of suspicious transaction reports (STRs) from Financial Monitoring Units (FMU) of State Bank of Pakistan (SBP).
An investigation team headed by Dr Najaf Quli Mirza, Additional Director General FIA, was constituted to investigate the matter. Having received information that there was slackness and slow progress in the matter and probe and investigation was being obstructed and hampered, the Supreme Court took suo motu notice of the same in exercise of its powers under Article 184(3) of Constitution.
In one of the matters, an FIR was also registered regarding which an interim challan has already been submitted in the Special Court (Banking), Karachi. In this regard, some accused persons holding senior positions in Summit Bank were arrested and are presently in jail. The investigation found 29 suspicious/fake Bank accounts showing transactions in excess of Rs 35 billion undertaken through various banks. The ostensible holders of such accounts denied opening or operating the accounts. There are valid reasons to believe that accounts were opened by misusing National Identity Cards (NICs) of different unsuspecting persons without their knowledge.
This appears to have been done in order to undertake illegal rotation and layering of huge sums of money through the said accounts presumably for money laundering. Interrogation of the arrested suspects and concerned persons led to discovery of further information about the accounts, companies and individuals who had links with deposit of the funds in question. These included Omni Group, its associate companies and sugar mills, Bahria Town, Zardari Group Private Limited, Arif Habib, Nasir Abdullah Loota, H&H Exchange Company, Parthenon Private Limited, Dream Trading & Company, and Ocean Enterprises amongst others, etc. Some of the accused persons were arrested. They are facing investigation. Some of the accused persons got protective bails. A few are absconding.
The DG FIA informed the apex court that as investigation progresses more accounts and information is being discovered by the investigators. This points towards a series of suspicious transactions involving Billions of Rupees spanning various jurisdictions by skillfully structured methods in order to camouflage and avoid detection by the regulators and law enforcement agencies.
He, therefore, maintained that despite bona fide efforts on the part of FIA, progress is slow on account of huge quantity of electronic data that requires unraveling and interpretation. For this exercise FIA is facing lack of specialized investigators. In order to conduct effective, in-depth and incisive investigations to discover the truth, cut through multiple layers of transactions, fake accounts, movement of funds, and establish the real identity of persons who are actual but hidden beneficiaries, a broad based, multidimensional and technically skilled team of experts is required which at present is not available with FIA.
He also submitted that on account of alleged involvement of high profile and powerful political and business figures with the tainted transactions, who have powerful connections within the government, investigation is being seriously hampered and at times willfully obstructed at every stage. Additionally, the investigators feel threatened by the pressure generated due to involvement of high profile persons in the case.
The court constituted the JIT for conducting a thorough, in depth and incisive investigation and probe into the matter of fake bank accounts subject matter of these proceedings to get to the truth, uncover the persons involved and collect all material evidence for the purpose of ensuring that in case an offence is made out, the persons involved therein are properly prosecuted.
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