Supreme Court Directs To Freeze Fake Bank Accounts Till Completion Of Investigation

The Supreme Court on Monday directed State Bank of Pakistan to freeze fake bank accounts till completion of investigation by the Federal Investigation Agency (FIA) in the case.

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th Jul, 2018 ) :The Supreme Court on Monday directed State Bank of Pakistan to freeze fake bank accounts till completion of investigation by the Federal Investigation Agency (FIA) in the case.

A three-member bench headed by Chief Justice Mian Saqib Nisar passed the directions while hearing an appeal filed by Ansari Sugar Mill, TCB Sugar Mills and Noudero Chamber requesting to allow transactions using 29 'fake' accounts, allegedly used for illegal transaction worth of Rs. 35 billions.

During course of proceedings, the petitioner's counsel argued before the bench that if the apex court order to halt the operation of accounts then ultimately it would be resulted into closure of their companies.

The bench, dismissing the plea, remarked that court would not allow any transaction from said accounts even companies may shut down.

The Chief Justice added that the court would only decide on the matter after the Federal Investigation Agency's (FIA) inquiry in the matter was completed.

The FIA is investigating 29 'benami' accounts that were allegedly used to channel illicit funds. Former president Asif Ali Zardari and his sister Faryal Talpur are among those who are accused of being beneficiaries of the suspicious transactions, while his close aide Hussain Lawai is one of the people accused of facilitating the opening of the fake accounts.

The apex court had earlier this month taken a suo motu notice of the 2015 probe into suspicious transactions made through 29 'benami' accounts,16 held in Summit Bank, eight in Sindh Bank and five in UBL.