KARACHI: A local court of Karachi extended the remand of Hussain Lawai and Taha Raza on the request of FIA prosecutor today till July 14.

Accused arrested in money laundering case, Hussain Lawai and Taha Raza were presented in the court on Wednesday, Hyder Imam Rizvi, counsel of Lawi raised objection over handcuffing his client.

Court ordered to remove handcuffs after arguments of the counsel.

Talking to the newsmen after appearing in the court, Lawi said that he has not done money laundering, FIA has levelled allegations against him of opening fake accounts.

Advocate, Shokat Hayat said that President of the bank is not involved in the opening of accounts directly, people are taking out of their funds from Summit bank.

The Securities and Exchange Commission of Pakistan (SECP) removed Pakistan Stock Exchange (PSX) chairman Hussain Lawai from his slot on Tuesday.

The SECP earlier issued a letter to PSX CEO Richard Morin stating that it has come to its notice that Lawai has been arrested in an ongoing investigation into money laundering and that in the “interest of the general public and the capital markets”, he be removed from his post.

Earlier on July 6, the Federal Investigation Agency (FIA) arrested PPP co-chairman Asif Ali Zardari’s aide Hussain Lawai on Friday, in a money laundering scam.

29 accounts belonging to seven people have been used to launder around Rs 30 billion in Sindh, according to the FIA, which is being called the “biggest money laundering case in Sindh”.

These people made accounts in three banks, including Summit Bank and Sindh Bank. The accounts were reportedly used by Anwar Majeed, another of Zardari’s close aides, and employees of the Omni Group. Summit Bank alone had 16 accounts with transactions of Rs 20 billion. Bahria Town head Malik Riaz’s son Zain Malik and Shahrukh Jatoi’s father Sikandar Jatoi had put money in the accounts. Zain reportedly put Rs 2 billion in the accounts.—INP