Petitioners say companies risk closure if accounts remain frozen in Rs35bn scamCJP says court will decide matter after FIA completes inquiryKARACHI: The Supreme Court (SC) on Monday dismissed an appeal seeking restoration of 29 ‘fake’ bank accounts in the alleged Rs35 billion money laundering case. The petitioners requested the apex court to allow transactions using 29 ‘fake’ accounts, earlier opened in Summit Bank, Sindh Bank and United Bank Limited (UBL) for the alleged purpose of channelling ‘illegal funds’. The FIA is investigating alleged fake bank accounts from which money was laundered and has named Pakistan People’s Party (PPP) Co-Chairman Asif Zardari and his sister, Talpur, among the 32 suspects. The FIA inquiry started when the financial monitoring unit of the State Bank of Pakistan generated a ‘suspicious transaction report’ in January of this year regarding ten bank accounts. “Despite these huge transactions, the bank authorities never reported them to the authorities concerned including the FIA,” the FIA official said.

Source: Pakistan Today July 30, 2018 09:00 UTC