Clue about Pakistanis’ 2,700 properties abroad found

ISLAMABAD: The Supreme Court (SC) on Wednesday gave 15 days to the Federal Investigation Agency (FIA) to conduct the process of verification of some 2,700 properties acquired by the Pakistanis abroad and submit compliance report on the next date of hearing.

A three-member bench of the apex court, headed by Chief Justice Mian Saqib Nisar and comprising Justice Umer Ata Bandial and Justice Ijazul Ahsen, issued the order in a suo motu case regarding an investigation into the fake transactions worth billions conducted through several mainstream banks via ‘benami’ accounts.

Former president Asif Ali Zardari, his sister Faryal Talpur and others are the respondents in the instant matter being investigated by the FIA for using fake accounts and their alleged involvement in fraudulent bank transactions to the tune of Rs35 billion. The Federal Investigation Agency (FIA) that has been investigating a 2015 case pertaining to fake accounts and fictitious transactions conducted through 29 benami accounts in Summit Bank, Sindh Bank and United Bank Limited (UBL) on the last hearing had recommended to the apex court to constitute a Joint Investigation Team (JIT).

On Wednesday, during the course of hearing, Director General Federal Investigation Agency (FIA) Bashir Memon informed the court that there are some 2,700 properties owned by Pakistanis abroad, adding that the agency after furnishing affidavits from the owners of these properties will take action in this regard.

For this purpose, the DG FIA sought at least one month time to complete the process and to submit a detailed report before it. The chief justice, however, granted 15 days to the FIA with further direction to submit also progress report over curbing the process of transferring money through hawala and hundi. Attorney General for Pakistan Anwar Mansoor Khan, while submitting a report, informed the court that the federal government has formed a task force to repatriate the ‘huge’ amount of funds transferred abroad through the illegal practice of money laundering.

Chief Justice Mian Saqib Nisar, however, asked the AG to why smuggling is not being controlled in the country, saying smuggled goods are being sold in open market. The CJ said that smuggled goods are openly available in a market in Lahore.

The attorney general further informed the court that Pakistan and the United Kingdom have entered into an agreement aimed at tracking corruption and restart the bilateral transfer of prisoners.

The chief justice, however, asked the AG as to what concrete measures had been taken by the government to curb money laundering and transfer of money through hawala and hundi. The attorney general submitted that the police, while launching a drive against the people involved in hundi business in Peshawar and Rawalpindi have arrested some 44 persons after recovering Rs119 million. Similarly, he submitted that the drive against the illegal business is in progress in other cities of the country. The attorney general further submitted that in order to curb the illegal business, an amendment is being made in the relevant laws.

During the hearing, Governor State Bank of Pakistan, Tariq Bajwa, told the court that for the first time legislation was being made for taking stern action against the people who had acquired properties abroad, empowering the Federal Investigation Agency (FIA) to proceed legally with the instant cases, contacting the authorities of those countries where properties were acquired. Justice Ijazul Ahsen, another member of the bench, observed that so far only paper work had been done and no practical step was taken.

Tariq Bajwa, however, claimed that the names of some 550 persons are available with the Federal Investigation Agency (FIA). The chief justice said that he was quite aware of Pakistanis’ properties worth Rs1,000 billion in Dubai. The chief justice questioned as to why people having properties abroad but living in Pakistan are not being summoned.

The chief justice further said that out of 550, the court summoned at least 15-20 persons, adding that they will not force anyone as the court wants to resolve the matter voluntarily, ensuring to bring back the nation’s money.

Meanwhile, the court adjourned further hearing after giving 15 days to the FIA to expedite the process of verification of some 27,000 properties, acquired by the Pakistanis abroad and submit the compliance report.

It is pertinent to mention here that on September 6, the apex court had constituted a six-member Joint Investigation Team to probe into a money laundering and fake accounts case,. Headed by additional director general (Economic Crime Wing), FIA Headquarters, Islamabad, the JIT will 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.