Federal Investigation Agency (FIA) will transfer banker Hussain Lawai to Islamabad for further investigation in a money laundering probe.
Lawai was arrested by the Federal Investigation Agency (FIA) on July 6 on money laundering charges after the FIA registered a case in Karachi last week over a mega money-laundering scam involving Rs35 billion — said to implicate politicians, businessmen, and bankers.
The investigation team has already left for the airport with Hussain Lawai and their flight is scheduled for 4 pm, sources said. The banker will be subject to investigation by senior FIA officials in Islamabad.
Hussain Lawai is said to be a close aide to Asif Ali Zardari, former president and co-chairperson of Pakistan Peoples Party.
The investigation is underway into money laundering scam of around Rs 35 billion insinuates a political leader his business friends and senior banking executives.
The probe initiated after FCU(Financial Monitoring Unit of the State Bank of Pakistan) revealed about suspicious transactions via ten fake bank accounts in a report, earlier in January.
FIA authorities confirm that 32 others along with Hussain Lawai, are being under this probe for laundering billions of rupees through unnamed accounts.
FIA sources affirmed that in 2015, it started an investigation into the case and notifications were issued to people deemed involved including Hussain Lawai, however, because of certain pressures were not completed.
They also maintain that more than twenty ‘unmanned accounts’ at a private bank were illegibly opened in 2013, 2014 and 2015, used in transactions worth billions of rupees.
Hussain Lawai was removed from the post of chairman Pakistan Stock Exchange (PSX), by Securities and Exchange Commission of Pakistan (SECP). The SECP, in 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 “he be removed from his post.
expressing that it has come to its notice that Lawai has been detained and under investigation in connection into money laundering and that in “interest of the general public and the capital markets”, he be expelled from his position.