Money laundering accused bail dismissed

LAHORE:A Banking court on Tuesday dismissed bail petition of a managing partner of Amin Ittefaq rice mills, accused of money-laundering.

The court has dismissed bail of the accused due to lack of jurisdiction. The accused Muhammad Deen was arrested over the charges of money-laundering and theft of mortgaged stock in the bank. It was alleged that the investigating officer traced the stolen sacks of rice from accused. The case was filed by a private bank on charges of fraud and money-laundering. The accused took a loan from the bank and mortgaged sacks of rice and later stole the stock, the bank stated.