Rs25b money-laundering probe: Shehbaz, Hamza interim bail extended till 25th

LAHORE: A banking crime court Saturday extended interim bail of PMLN President Shehbaz Sharif and his son Hamza Shehbaz till September 25 in Rs25 billion alleged money-laundering investigation against father-son duo.

The court has also directed director FIA Lahore to appear before the court on the next hearing and inform the court about the developments in the investigation of the case till date. Shehbaz and Hamza appeared before the court and marked their attendance.

Shehbaz during his hearing while addressing the court said this case of the FIA is a copy of the NAB case against him. “I am not a director of Ramzan Sugar Mills neither I have received any salary from the mill,” Shehbaz added. He further said his actions during his tenure as Punjab chief minister have caused loss to Ramzan Sugar Mills instead of giving any benefit. The judge during hearing admonished the FIA officials for keeping a slow pace in concluding the investigation and directed the FIA prosecutor to present FIA director Lahore before the court on the next hearing.

Earlier on June 15, the FIA had issued a call up notice to PMLN President Shehbaz Sharif directing him to appear before the Agency in person in Rs25 billion alleged money-laundering investigation against him and other family members. The FIA had directed Shehbaz to join investigation in this connection on June 22. It had also warned that in case of non-appearance, Shehbaz could be arrested.

In the call up notice, the FIA stated that “during the course of inquiry No T34/2020 of FIA ACC Lahore, it was revealed that total deposits amounting to over Rs25 billion (duration 2008-2018), identified so far, were received in bank accounts (hereinafter A/C) of various low-wage employees of Ramzan Sugar Mills Ltd (RSML), AI-Arabia Sugar Mills Ltd (ASML) and accounts of fake companies set up and controlled by the Sharif Group. Rs3.7 billion in 20J6/l7 in accounts of a peon namely Malik Maqsood working at office of MD Suleman Shehbaz at Sharif Group’s Corporate Office, Model Town Lahore,” revealed the FIA findings.

The findings revealed that the low-wage employees of RSML/ASML have admitted during inquiry that these accounts were opened and operated for the personal/secret transactions of Suleman Shehbaz Sharif on the instructions of Muhammad Usman, CFO of Sharif Group. Mushtaq Cheeniwala has provided ‘secret-ledgers’ as a proof to show that the money from undisclosed safe of sugar deposited into these accounts is only Rs3.95 billion implying therein that the source of remaining funds is ‘extraneous’ to sugar business and can best be explained by Shehbaz Sharif and his sons and RSML/ASML officers who managed these accounts. Vouchers, cheques and money trail of deposits into these accounts have revealed that money was being deposited by various people including politicians at various political affiliations, contractors, petroleum dealers, pharmaceutical vendors, flour and rice mills owners not related to sugar business.

The FIA claimed it has credible information that the money received through such accounts and persons was received by Shehbaz or in his behalf. The FIA has asked Shehbaz to give his response on said money- laundering activities. The FIA had asked Shehbaz to share details of his international assets excluding four apartments already declared to the FBR.