JIT Probing Fake Bank Accounts Faces Difficulties

FIA has termed grant of Rs. 1crore to probe fake bank account “Insufficient.”

According to the letter acquired by media, which was written to the Interior Ministry by FIA, grant of Rs. 1 crore has been termed insufficient.

Adding that funds are required for probe of fake accoutns, which were used for alleged money laundering by reuputable firms.

Earlier on September 13, joint investigation team (JIT) formed by the Supreme Court to probe into an ongoing money laundering case has set up its secretariat in Karachi.

Sources said that JIT members agreed on setting up the secretariat in Karachi instead of Islamabad.

“Following their decision, the Secretariat was established in Federal Investigation Agency’s (FIA) new building in Gulistan-e-Jauhar area of the metropolis,” sources added.

Earlier on September 06, the Supreme Court formed a Joint Investigation Team (JIT) to probe alleged laundering of billions of rupees through fake bank accounts in connivance with bankers and others to suspected beneficiaries, including former president Asif Zardari and his sister Faryal Talpur.

Seven individuals, including Zardari and Talpur, were said to be involved in using those accounts for suspicious transactions which were initially found to have totalled Rs35 billion. The accounts were allegedly used to channel funds received through kickbacks.

FIA’s Additional Director General (Economic Crime Wing) Ehsan Sadiq has been appointed as the head of the JIT by the apex court.

The other members of the JIT include Brigadier Shahid Parvez of Inter-Services Intelligence, Muhammad Afzal of Securities and Exchange Commission of Pakistan, NAB Islamabad Director Noman Aslam, Majid Hussain of State Bank of Pakistan and Tax Commissioner Imran Latif Minhas.

The JIT, its members and members of the FIA were directed not to provide the media with any information regarding the investigation.

Moreover, Pakistan Rangers was tasked to provide adequate security to the team. This has been done to address the DG FIA’s apprehensions regarding the JIT’s security.

The court rejected the request to move this investigation to Islamabad at the moment. However, room has been left for the request to be reexamined, should the need arise.

The apex court gave the following mandate to the JIT:

• The JIT shall set up its Secretariat at a place convenient to it.
• The JIT shall have all powers relating to inquiries and investigations including those available in the Code of Criminal Procedure, 1908; National Accountability Ordinance, 1999; Federal Investigation Agency Act, 1974 and the Anti Corruption Laws, etc.
• All executive authorities or agencies in the country shall render assistance and provide support to the JIT in its working if required.
• The JIT shall submit periodic reports before this court qua the progress made in the investigation on fortnightly basis under sealed cover for our examination.
• The Additional Director General, FIA, who shall head the JIT may co-opt any other expert who may in his opinion be necessary to complete the investigation in an effective and timely manner.
• First Report of the JIT shall be filed within a period of 15 days from today.