Fake accounts scam: JIT findings may fall heavy on many bigwigs

ISLAMABAD: The fake accounts joint investigation team has recommended a legal course against some 415 key individuals and some 172 entities allegedly involved in transactions of some Rs220 billion through 104 fake accounts.

Investigators during the course of JIT proceedings summoned some 620 individuals after Sep 9, 2018, revealed senior officials associated with those who have finalised JIT report consists of some 7,500 pages with over 10 volumes.

The report containing finalised on Wednesday carries profile of over 35 key accused and details of their assets parked abroad. The sealed report is being taken up by the Supreme Court on Monday (24th of December).

JIT in its report divided its findings into four categories i.e. forensic analysis of fake accounts (almost concluded), records of entities and individuals have been taken from Security Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), National Accountability Bureau (NAB), Federal Board of Revenue (FBR) and intelligence agencies, partial record of all the contracts have yet to be collected from Sindh government, responses on requests under the Mutual Legal Assistance are yet to be received and further investigation is required for information acquired through source reports. Most of the information, except fake accounts saga, have been taken through sources by JIT which revealed that former President Asif Ali Zardari is believed to own multiple properties in Brussels and Paris i.e. “12-3 Boulevard De-Nieuport, 1000, Brussels and Chausee De-Mons, 1670 Brussels and La Manoir De La Reine Blanche and property.”

JIT summoned some 620 witnesses where some 470 witnesses got recorded their statements either direct or through their counsels, sources revealed. Some 70 accused either refused to respond JIT notices or found living abroad, sources continued to reveal that record of 210 entities/companies taken from FBR, SECP, SBP, Sindh government and NAB was thoroughly examined by JIT which got support of over 230 government officials in its 75 sittings.

JIT also finalised its investigation of around 20, 000 transactions accordingly. Statements of key accused ex President Zardari, MPA Faryal Talpur, PPP chairman Bilawal Bhutto Zardari, Mustafa Memon, Zain Malik of Bahria Town, Abdul Ghani Majeed, Aslam Masood, Anwar Majeed, Col (R) Asad Zaidi, Ghulam Qadir Marri and Ashraf D. Baloch were recorded by JIT, also clubbed their statements with the report. Business volume of Zardari Group Pvt Ltd, Omni Group, A-One International, M/s Bahria Town Karachi, M/s Iqbal Metals, Kingerete Project Management Pvt Ltd, Lucky International Ltd and other prominent entities operating in Sindh have been clubbed with the report carrying a volume based on the MLAs.

NAB, FIA, Nadra, SBP, SECP and FBR handed over all the relevant records but JIT revealed in its report that Sindh government has yet to handover complete record of all the contracts.

JIT Volume-IV also revealed that payment of Rs4.14 million on June 29, 2015 from a fake account owned by M/s Logistic Trading for food supplies to Bilawal House by M/s ‘The Deli’ restaurant. The report continued to reveal that a payment of Rs1.54 million of domestic water bill for the month of April 20, 2015 pertaining to House No D-30, Block 3, Clifton from a fake account of M/s Royal International which were maintained at a private bank in Karachi. The report also revealed that Zardari Group Pvt. Ltd. received a sum of amount through M/s Lucky International’s account maintained at a private bank in Karachi. JIT in its recommendations also suggested that a few JIT may be formed to probe many matters link to key accused holding assets abroad.

The JIT in its details findings observe that either the investigation would be further refer to banking courts, NAB, FIA or it’s up to the apex court to decide based on JIT findings.

In the series of events in the fake accounts investigation, JIT report also revealed that a domestic worker of ex President Zardari, with an estimated fortune of around Rs8.1 billion stashed into one of his fake accounts. Mushtaq Ahmed, 37, who once served as one of personal staff members Zardari accumulated the wealth with Zain Malik through a joint fake account maintained in a private bank in Karachi during 2014-15, states the report.

Additional Director General (Economic Crime Wing) Ahsan Sadiq headed the investigation team while FBR senior officer Imran Latif Minhas, Joint Director BID-I, SBP Majid Hussain, Director, NAB Noman Aslam, Director, Specialized Companies Division, SECP Muhammad Afzal and Brigadier Shahid Parvez of Inter-Services Intelligence (ISI) were other members who pursued the investigation.

Summit Bank President Nasser Abdullah Lootah, Ansari Sugar Mills Pvt Ltd (Anwar Majeed, Ali Kamal Majeed), Omni Polymer Packages Pvt Ltd, Pak Ethnol Pvt Ltd, Chamber Sugar Mills Pvt Ltd, M/s Agro Farms Thatta Pvt Ltd; Zardari Group Pvt Ltd (Bilawal Bhutto Zardari, Asif Ali Zardari, Faryal Talpur), Parthenon Pvt Ltd (Iqbal Khan Noori), A-One International (account identified in Suspicious Transaction Report), Lucky International, Logistic Trading, Royal International and Umair Associates remained prime focus of this investigation.

JIT also found that Bahria Town Karachi (Zain Malik), Sujawal Agro Farms Pvt Ltd, Tando Allahyar Sugar Mills Pvt Ltd, Omni Pvt Ltd, Agro Farms Thatta Pvt Ltd, Alfa Zulu Com Pvt Ltd, Haji Mureed Akbar (banker on behalf of contractor), Sher Mohammad Mugheri & Co (contractor), M/s Sardar Mohammad Ashraf D. Baloch Pvt Ltd (contractor), A-One Interna¬tional, Lucky Inter¬national, Logistic Trading , Iqbal Metals (STR), Royal International and Umair Associates deposited money in fake accounts, sources further revealed.

The fake accounts investigation started by FIA Anti-Corruption Circle (ACC) Karachi initiated inquiry in 2015 on a source report received from the Financial Monitoring Unit (FMU). Then on July 5, 2018, the SCP took notice of this case ordering FIA to probe into suspicious transactions made through 29 ‘benami’ accounts — 16 held in Summit Bank, eight in Sindh Bank and five in UBL quickly.

Then on July 10, the Chief Justice of Pakistan summoned a number of individuals and heads of different business groups, including former president Asif Ali Zardari and his sister Faryal Talpur after their names appeared among the beneficiaries of suspicious transactions believed to be meant for money laundering. Then SCP formed Panama-like-JIT on Sep 5, 2018. Following SCP order, JIT submitted its first report on Sep 24, second on Oct 22, third on Oct 30, fourth on Nov 5, fifth on Nov 12, sixth on 28th Nov and then finally SC directed on Dec 10 to submit its final report. Key development happened in this case when Hussain Lawai arrested on 6th July, then Abdul Ghani Majeed on 15th August, then one of the chief accused in the ongoing ‘fake’ accounts case, Aslam Masood, was arrested by Interpol in Saudi Arabia on 23th October. After it, Anwar Majeed’s son Nimr arrested outside the Supreme Court on October 27.