ISLAMABAD: Former President of Pakistan, Asif Ali Zardari and sister Faryal Talpur who appeared in the accountability court today under the charges of being involved in a ‘mega-money laundering’ racket, yet to be convicted, ARY News reported on Friday.

3 accused did not appear for the hearing in the ongoing ‘mega-money laundering’ trial being overlooked by the National Accountability Bureau (NAB).

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Prime accused, Anwar Majeed sought pardon from appearance citing ill health.

The court extended judicial remand of Pakistan People’s Party (PPP) stalwarts, Talpur and Zardari till October 22.

The Case

Information regarding the fake accounts came to the fore when an intelligence agency picked up a prominent money changer in an unrelated case. In December 2015, the Federal Investigation Agency (FIA) began a discreet investigation into certain bank accounts through which multi-billion rupee transactions have been made.

The probe was initially shelved but resumed almost a year and a half later with FIA’s State Bank circle initiating a formal inquiry in January 2018. By June, the FIA had several high-profile names on its list but was unable to make headway–for several reasons.

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It was at his point that the Supreme Court intervened and then chief justice Mian Saqib Nisar took suo moto notice of the ‘slow progress’ in the money-laundering case.

In July, Zardari’s close aides Hussain Lawai, Taha Raza and two others were arrested. Subsequently, the first case was registered in the mega-corruption scandal.

The then chief justice ordered the formation of a joint investigation team to quicken the pace of the investigation. The JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.

JIT’s gist

According to the report, the JIT identified 11,500 bank accounts and 924 account holders at the start of their investigation.

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Its experts generated 59 Suspected Transaction Reports (STR) and 24,500 Cash Transaction Reports. That means the transactions were flagged as suspicious. Due to the high quantum of transactions, the JIT decided on a threshold of Rs10million “to track, follow and minutely investigate the flow of funds beyond the immediate counterparties and determine the source of funds and ultimate beneficiaries.”

It questioned 767 individuals, including Zardari and Talpur, while Bilawal submitted written responses.

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