ISLAMABAD: A joint group of National Accountability Bureau (NAB) Rawalpindi and Karachi officers on Wednesday arrested the president and two different officers of Sindh Bank in reference to the pretend accounts case.
In a short assertion, the graft buster mentioned it had arrested Tahir Ahsan, the president of Sindh Bank, in Karachi over his involvement within the pretend accounts case.
Bilal Sheikh, a former president and present director of the bank, and Syed Nadeem Altaf, the bank’s govt vp, have additionally been rounded up. Sheikh was arrested by a NAB group in Lahore.
“The accused individuals can be produced earlier than the accountability court in Karachi for the grant of transit remand. After remand from the court, the accused individuals can be shifted to Islamabad as per legislation,” the assertion learn.
The bank officers face costs of granting loans to the tune of Rs1.eight billion to corporations owned by Omni Group.
These corporations embody the Seracom Inventory and Capital Personal Restricted, Parkview Inventory Capital Restricted and Rubicon Builders and Developers Private Limited.
In December 2015, the Federal Investigation Agency started a discreet investigation into sure bank accounts by way of which multi-billion rupee transactions have been made. Based on FIA sources, data concerning the pretend accounts got here to the fore when an intelligence company picked up a distinguished cash changer in an unrelated case.
Because the monitoring and investigation of those suspicious accounts continued, it surfaced that 5 of those accounts in two banks – the Sindh Bank and Summit Financial institution – had been used for transactions price round Rs15 billion.
Investigation confirmed the accounts have been operated by pretend corporations. Funds have been credited into these accounts from contractors with multi-billion rupee contracts with the Sindh authorities. The cash was discovered to have been transferred to accounts of corporations owned and operated by the Omni Group, whose chairperson, Anwar Majeed, is a detailed aide of Pakistan Peoples Party (PPP) Co-chairman Asif Ali Zardari. One other beneficiary was Nasir Lootah, the chairperson of Summit Bank.
The probe, nevertheless, was shelved. It resumed nearly a 12 months and a half later. FIA’s State Financial institution circle initiated a proper inquiry in January 2018.
By June final 12 months, the FIA had a number of high-profile names on its listing however was unable to make headway – for a number of causes. It was at his level that the Supreme Courtroom intervened. Chief Justice Mian Saqib Nisar took suo motu discover of the ‘sluggish progress’ within the cash laundering case.
In July 2018, Zardari’s shut aides — Hussain Lawai, Taha Raza and two others have been arrested. Subsequently, the primary case was registered within the mega-corruption scandal.
The FIA submitted its report back to the apex court docket on July eight, 2018 that exposed an internet of corporations and accounts that have been getting used to switch billions of rupees.
In all, 29 accounts have been recognized that acquired funds, totalling no less than Rs35 billion.
In August final 12 months, the FIA named Zardari, Talpur Omni Group chairman Anwar Majeed, his sons and over 10 others as suspects in an interim cost sheet filed within the banking court docket for alleged cash laundering to the tune of over Rs4 billion by way of 29 pretend financial institution accounts opened in three banks.
Omni Group chief Anwar Majeed was arrested together with son Abdul Ghani Majeed in August once they returned to the nation on being summoned by the apex court docket.
The then chief justice ordered the formation of a joint investigation group (JIT) to quicken the tempo of the investigation.
Based on the report, the JIT recognized 11,500 financial institution accounts and 924 account holders initially of their investigation.
Its specialists generated 59 suspected transaction experiences and 24,500 money transaction experiences. Which means the transactions have been flagged as suspicious.
As a result of excessive quantum of transactions, the JIT selected a threshold of Rs10 million “to trace, observe and minutely examine the move of funds past the fast counterparties and decide the supply of funds and supreme beneficiaries”.
It questioned 767 people, together with Zardari and Talpur, whereas PPP Chairman Bilawal Bhutto Zardari submitted written responses.
Final month, NAB arrested Zardari after the Islamabad Excessive Courtroom recalled the pre-arrest bail granted to him and his sister Faryal Talpur within the pretend accounts case.
Later NAB declared Talpur’s F8 residence in Islamabad as a sub-jail and positioned her underneath home arrest.