IHC accepts Abdul Ghani Majeed’s bail plea on medical grounds
ISLAMABAD: The Islamabad High Court on Thursday accepted Abdul Ghani Majeed’s bail plea within the fictitious financial institution accounts instances on medical grounds. Majeed is among the prime accused within the cash laundering case with former president Asif Ali Zardari, Faryal Talpur and his father, Omni Group Chairman Anver Majeed.
The excessive court docket accepted Majeed’s bail plea, directing him to deposit Rs100 million bonds. The two-member bench comprising Justice Mian Gul Hassan Aurangzeb and Justice Fayyaz Ahmed Jandran dominated that Majeed will bear therapy at an Islamabad hospital and current himself earlier than the court docket at any time when he’s summoned.
What is the pretend financial institution accounts case?
In October 2015, the anti-corruption wing of the Federal Investigation Agency in Karachi acquired a tip-off of suspicious intra-bank transactions from the Summit Bank, Sindh Bank and the United Bank Limited. The profiles of the account holders didn’t match their earnings/earnings. FIA authorities suspected that these accounts have been being run by the Zardari Group and Omni Group, amongst others.
The case dragged on till June 2018, when the Supreme Court took suo moto discover of the pretend accounts and directed a Joint Investigation Team (JIT) to probe the matter.
The investigation workforce concluded that 32 pretend financial institution accounts have been being operated by 11 pretend entities to launder cash from “kickbacks, land grabbing and large scale misappropriation of public funds.”
Former president Asif Ali Zardari, his sister Faryal Talpur, Hussain Lowai, the then-president Summit Bank, Nasser Abdullah Lootah, chairman Summit Bank, Chairman Omni Group Anver Majid and his son are the prime suspects within the case.
The JIT additionally concluded from the investigation that the Omni Group had immensely benefited from the transactions. The investigation workforce acknowledged that the group had a “startling and unprecedented (abnormal) growth 2009 onwards,” curiously, after the Pakistan Peoples Party (PPP) took energy.
From 2008 to 2013, the corporate grew at a whopping 2,500% and added a complete of 83 firms below its umbrella. The progress proportion fell to 142% after 2013, when the PPP misplaced the central authorities.