How does Musharraf own over Rs2 billion deposits?

ISLAMABAD: The politicians are considered children of lesser god when it comes to criticism on any account whereas no one dares to say a single word against the holy cows. 

In wake of the Panama Papers leak, the politicians are being grilled for owning offshore companies but no one asks the ex-dictator Pervez Musharraf from where he got billions of rupees which are kept in his offshore accounts. Musharraf, who retired as army chief, till recently was in possession of around Rs 2156 million net cash in his offshore bank accounts besides other movable and immovable property, but in his official papers submitted with the Election Commission, he declared that his worth is mere Rs 626 million.

Musharraf accumulated billions in offshore accounts besides the property that he has already purchased in foreign lands or inside Pakistan but he never mentioned these assets and accounts even at the time of assets declaration while submitting his nomination papers during general elections 2013.

A source, having a close association with the former dictator, confided to The News that Musharraf has at least seven to ten offshore accounts in Dubai and London, containing huge cash in dollars, sterling pounds and dirhams worth Rs 2156 million rupees in 2012. According to the source, besides having foreign bank accounts, Musharraf has also made huge saving investments abroad to earn large profits.

However, according to the assets declaration form which former military dictator submitted to the EC, while filing nomination papers, the total value of his assets which he has mentioned in his assets declaration form is almost Rs 626 million which include net assets, Rs. 1.96 million shares of Bank Al-falah in the name of his wife, 170 tolas gold jewellery, Rs 6 million furniture and Rs 8 million personal expenditure. However, he has not mentioned a single onshore foreign bank account, letting offshore bank accounts aside. 

The media already had raised questions on former military dictator’s journey from rags to riches however it never got the due attention nor it was played up by the national media as it is being done now against the politicians. The news story about Pervez Musharraf’s offshore accounts was published in January 2012 whereas he filled the nomination papers in March 2013 even then he hasn’t mentioned about these accounts in his nomination papers.

There is no indication as to who funds him and how he became fabulously rich but the retired general has accumulated billions in offshore accounts besides the property that he has already purchased in foreign lands or inside Pakistan.

A source, having a close association with the former dictator, confided to The News that Musharraf has at least seven offshore accounts in Dubai and London containing huge cash in dollars, sterling pounds and dirhams.

In his memoir - In the Line of Fire - Musharraf admitted that he had come from a really humble background where they did not have enough money but now he pays at least half a million rupees as monthly salary to his personal staff residing inside Pakistan.

According to the source, besides having foreign bank accounts, Musharraf has also made huge saving investments abroad to earn large profits. The source said that in just one Dubai-based online trading service — MMA — Musharraf had US$ 1,600,000 (Rs 145 million) last year. Musharraf’s account number, according to the source in this company, is AV77777.

In the Union National Bank, which is an investment bank in Abu Dhabi, Musharraf and his spouse Sehba Musharraf, have a joint account No 4002000304, in which the amount mid last year was UAE Dirhams 17,000,000 ( Rs 391 million).

In the same bank — the Union National Bank — they have another joint account No 400200315, which is a dollar account. This particular account last year contained US$ 535,325 (Rs 48 million).

In yet another UAE Dirham account in the same financial institution — the Union National Bank — Sehba and Musharraf had almost UAE Dirhams 7,600,000 (Rs 174 million) last year. The account No is 4003006700. In the fourth account, No 4003006711, in the Union National Bank, the duo had UAE Dirhams 8,000,000 (Rs 184 million). In the fifth account, No 4003006722 in the same bank — the Union National Bank — Musharraf and his wife had US$ 8,000,000 (Rs 728 million). In the sixth account, No 4003006733, Mrs Sehba Musharraf and Mr Pervez Musharraf had UAE Dirhams 8,000,000 (Rs 184 million) last year. In the seventh account, No 4003006744, in the same Union National Bank, the duo holds UAE Dirhams 8,000,000 (Rs 184 million). In their eighth account in the same bank — the Union National Bank Abu Dhabi — the duo had US$ 1,300,000 (Rs 118 million).

During the initial few months of his taking over as a military dictator following his coup against the Nawaz Sharif government, General Musharraf made his wealth public, which hardly contained any cash but only some plots in different parts of the country. Musharraf claimed to be the Mr Clean of Pakistan. How did he become a billionaire is a million dollar question. 

Similarly, the Panama leaks reveal the names of almost 200 Pakistanis which includes individuals and families from all walks of life, including businessmen, retired and serving judges but the media is focusing only on politicians.