Bankers Diary

Do You Know How Many Billion Laundered Through 107 Fake Accounts?

Do You Know How Many Billion Laundered Through 107 Fake Accounts?

You will be amazed because 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 review fake bank accounts, has exposed while presenting a report to the Supreme Court. The JIT has been working on a case from 2015 which relates to fake accounts and fictitious transactions carried out through ‘Benami’ Bank accounts via Sindh Bank, United Bank Limited (UBL), and Summit Bank.

Federal Investigation Agency has discovered seven names tracing back to these suspicious transactions. These names apparently include the former president Asif Ali Zardari and his sister Faryal Talpur. The JIT team had revealed 36 companies linked with the Omni group while pursuing this case.

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

The Joint Investigation Team 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 investigation team.

The Chief Justice of Pakistan Mian Saqib Nisar stated displeasure over the issue and stated that the apex court will summon all these officials. But, 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.

The investigation team 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.

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