Pakistan Stock Exchange Chairman Hussain Lawai And Taha Raza Arrested In Money Laundering Case
Pakistan Stock Exchange Chairman Hussain Lawai And Taha Raza Arrested In Money Laundering Case: Karachi’s city court approved four-day physical remand of Pakistan Stock Exchange chairman Hussain Lawai and Taha Raza in money laundering case.
Defence lawyer Shaukat Hayat maintained that the physical remand was not necessary. He said that Lawai is the president of the bank and operating accounts is a part of his routine work.
The lawyer told court that first inquiry against his client concluded three years back. Federal Investigation Agency (FIA) adopted stance that the suspects laundered Rs7 billion.
“Rs.4 billion has been recovered. Hussain Lawai opened account in the name of Talha. Talking to media, Lawai said that he is a heart and blood pressure patient. “Those who committed corruption are sitting abroad and I have been accused of the crime. I will request the court to grant me medical relief in the case,” he asserted.
FIA has arrested Lawai a day before on Rs.25billion money laundering charges. Lawai has over 40 years of banking experience and has served as the CEO and President of Summit Bank Limited from November 2008 until February 21, 2016.
Lawai also served as the CEO and President of Atlas Bank Limited, MCB Bank, and country general manager Faysal Islamic Bank and Union Bank of Middle East. He is currently the chairman of PSX who took charge of the post on May 15, 2018.
Both the accused arrested were produced before the judicial magistrate court by FIA officials on Saturday. The court remanded him in the custody of the FIA until July 11.
Hussain Lawai a close aide of former president Asif Ali Zardari was taken into custody by the Federal Investigation Agency (FIA) is alleged to be involved in illegal bank transactions of 29 billions of rupees.
Hussain Lowai is a prominent banker who is also chairperson of the Pakistan Stock Exchange, Chairman of Central Depository Company (CDC) and has served as head of the Summit Bank.
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