Over Rs35b laundering: CJ hints at Panama-like JIT for Zardari, Faryal

ISLAMABAD: Chief Justice of Pakistan (CJP) Justice Mian Saqib Nisar Monday suggested formation of a Panama-style joint investigation team (JIT) to investigate allegations against former president Asif Zardari and his sister Faryal Talpur of laundering over Rs35 billion through fake bank accounts.

A three-member bench of the apex court, headed by Chief Justice Mian Saqib Nisar, resumed hearing of a suo moto case concerning an investigation into fictitious transactions conducted through 29 ‘benami’ accounts in Summit Bank, Sindh Bank and UBL.

FIA Director General Bashir Memon suggested that the JIT should include officials from the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan, chartered accountants and other experts. Justice Umer Ata Bandyal and Justice Ijazul Ahsen were the other members of the bench.

Director General FIA Bashir Memon told the bench that there was a dire need for initiating a comprehensive investigation into the alleged money laundering through fake accounts. “I believe the volume of alleged money laundering is more than Rs35 billion. Hence constitution of a Joint Investigation Team (JIT) is the need of the hour,” Memon said, adding, “The team should consist of experts from the State Bank of Pakistan, relevant persons from the Securities and Exchange Commission of Pakistan (SECP) as well as well experienced chartered accountants.” The chief justice asked Memonif he wanted constitution of the same JIT that was constituted in the case of former prime minister Muhammad Nawaz Sharif.

Former president and PPP co-Chairman Asif Ali Zardari, sister Faryal Talpur, former Pakistan Stock Exchange chairman Hussain Lawai, and Summit Bank Senior Vice-President Taha Raza are among those being investigated by a seven-member JIT led by the FIA Additional Director General Najaf Mirza for allegedly facilitating 29 ‘fake’ accounts in Summit Bank, Sindh Bank and United Bank Limited.

The chief justice said the court will not spare anyone if the alleged money laundering proved against them. The chief justice said he was being threatened with dire consequences after retirement but he was not afraid and had full faith in Almighty Allah.

“I will keep on recovering the money looted from the national exchequer,” the chief justice said in a determined tone. Farooq H Naek, counsel for Asif Zardari and Faryal Talpur, argued that the FIA had termed his clients absconders during their respective election campaigns, which was tantamount to pre-poll rigging.

He said his clients were wrongly declared absconders by the court. He said the investigating agency included those provisions in the FIR against his clients which applied on civil servants adding that his clients were not civil servants. He further submitted that the FIA had been summoning his client every day, forcing them to plead guilty.

The chief justice, however, observed that both Asif Ali Zardari and Faryal Talpur should ensure their presence before the inquiry team and prove themselves innocent. “If they proved not guilty then I will take action against the FIA and NAB by filing cases against them for defaming people without justification,” the CJP told Naek.

The chief justice said when a huge amount of Rs35 billion was looted, then the Supreme Court will definitely intervene and book people responsible for it adding that he was well aware of the expected minister who was exerting pressure and harassing the witnesses.

During the last hearing, DG FIA Bashir Memon submitted a report to the court stating that an inquiry was launched in 2015 when reports first emerged about the opening of four ‘benami’ accounts.

Subsequently, he said, a Suspicious Transaction Report (STR) was received from the Financial Monitoring Unit in December 2017 which detailed that suspicious transactions had been detected in 29 accounts using names of seven individuals.

During the course of hearing on Monday, two ladies — Irum Aqeel and Kiran — as well as Tariq Sultan and Adnan also appeared before the court. Their banks accounts were allegedly used for transaction of billions of rupees.

Both the ladies complained that the police were harassing them and their families. The chief justice directed the IG Sindh Amjad Javed Saleemi to take action against the responsible policemen and submit a report to him within two days.

The chief justice warned that a strict action would be taken against any police officer found guilty of harassing innocent citizens.

He also directed the Chairman Omni Group Anwar Majeed and his family members to appear before it on next Monday, as they had been nominated in the FIRs. The court also summoned Zain Malik of Bahria Town and adjourned further hearing until next Monday.