RECORDER REPORT
KARACHI: An amount of Rs 4.5 billion was allegedly credited to a ‘fake account’ and subsequently transferred to different business entities in a short span of 10 months, the contents of an FIR registered against Hussain Lawai, Chairman Pakistan Stock Exchange (PSX), in a money-laundering case claimed here on Saturday.
A copy of FIR showed that the arrest of Hussain Lawai and Taha Raza has been effected under the Anti-Money Laundering Act 2010. It claimed that accused bankers opened fake/forged accounts by fraudulently fulfilling the codal formalities, i.e., obtaining the signatures of account holders, which have been established as fake/forged during the course of inquiry by Federal Investigation Agency (FIA). These transactions were made between March 03, 2014 and January 12, 2015, the FIR stated.
Fifteen significant business entities, which deposited various amounts in this fake account include M/s Bahria Town Karachi Project and Zain Malik, who deposited Rs 750 million. M/s Sujawa Agro Farms (Pvt) Ltd deposited Rs 50.50 million, M/s Tando Allahyar Sugar Mills (Pvt) Ltd deposited Rs 238.446 million and M/s Omni (Pvt) Ltd Rs 50.00 million.
M/s Agro Farms Thatha deposited Rs 17.00 million, M/s Alfta Zulu Co. (Pvt) Ltd Rs 22.50 million, M/s Haji Mureed Akbar Rs 20.00 million, M/s Sher Muhammad Mugheri & Co Rs 50.00 million, M/S Sardar Muhammad Ashraf D Balcoh (Pvt) Ltd Rs 100 million, M/s A-One Int’l Rs 184.506 million.
Besides, M/s Lucky International deposited Rs 305.00 million, M/s Logistic Trading Rs 145 million, M/s Iqbal Metals Rs 156.380 million, M/s Royal International Rs 185.00 million and M/s Umair Associates Rs 581.20 million.
The list of beneficiaries showed that the biggest transfer made out of the ‘fake account’ was to an Arab national Naseer Abdullah Lootah, Chairman Summit Bank. The amount totaled Rs 2.492 billion. A total of Rs 73.782 million were transferred to M/s Ansar Sugar Mills (Anwar Majeed, Ali Kamal Majeed), Rs 5.00 million were transferred to Omni Polymer Packages (Pvt) Ltd (Abdul Ghani Majeed, Ali Kamal Majeed), Rs 15.00 million to M/s Pak Ethanol (Pvt) Ltd (Mustafa Zulqarnain Majeed, Adbul Ghani Majeed).
Besides, Rs 200 million were transferred to M/s Chamber Sugar Mills (Anwar Majeed, Nimr Majeed), Rs 5.7 million to M/s Agro Arms Thattha (Anwar Majeed & Nazli Majeed) and Rs 15 million to M/s Zardari Group (Asif Ali Zardari, Faryal Talpur, etc).
Also, Rs 500,000 were transferred to M/s Parthenon (Pvt) Ltd (Iqbal Khan Noori, Rs 575,249 to M/s A-One Int’l, Rs 107.200 million to Lucky International, Rs 145.00 million to M/s Logistic Trading, Rs 285.00 million to Royal International and Rs 801 million to M/s Umair Associates.
