Rs 54 Billion Laundered Through 107 Fake Accounts: JIT

Transactions of Rs.54 billion have been carried out through 107 fake bank accounts, the Joint Investigation Team of the Federal Investigation Agency (FIA), formed to probe fake bank accounts, has revealed while presenting a report to the Supreme Court.

The JIT has been working on a case from 2015 which pertains to fake accounts and fabricated transactions carried out through ‘benami’ accounts via Sindh Bank, United Bank Limited (UBL), and Summit Bank.

FIA has discovered seven names tracing back to these suspicious transactions. These names allegedly include the former president Asif Ali Zardari and his sister Faryal Talpur.

The JIT team had discovered 36 companies linked with the Omni group while pursuing this case.

Reportedly, these accounts were majorly used to channel funds attained through kickbacks. Ahsan Sadiq, the head of the JIT, stated in the report that several accounts, that were opened for a brief stint, belonged to rickshaw drivers and falooda vendors. These accounts closed soon after the transfer of money took place.


Are Banks Involved in Maintaining Fake Accounts?

The JIT head also told the court that the provincial government was not cooperating with the team. He stated that the Sindh chief secretary, agriculture secretary, and the irrigation secretary did not cooperate with the team.

The Chief Justice expressed displeasure over the issue and stated that the apex court will summon all these officials. However, counsel for the Sindh government stated that the government did cooperate with the JIT. He called for the presence of the Sindh police chief in the next hearing on October 26.

Sadiq also promised the court that his team would soon identify the beneficiaries of the suspicious transactions.

It is pertinent to mention here that the Supreme Court formed a JIT to investigate the matter further while hearing a suo moto case on the delay into this case.