Money laundering scam: Zardari's interim bail extended till Jan 23

Don't want to miss the best from Business Standard?

A banking court here on Monday extended the interim bail previously granted to former Pakistan President Asif Ali Zardari and his sister, Faryal Talpur, till January 23, in connection to a money laundering and fake bank accounts case.

Geo News reported that on December 21, the banking court had extended the pre-arrest bail of the former President till January 7, after Pakistan's Federal Investigation Agency (FIA) informed that a joint investigation team (JIT), formed by the Supreme Court of Pakistan for probing the case, had submitted its report, while a decision was yet to be undertaken.

Meanwhile, counsel for the former President Farooq H Naek informed that no progress can be made into the case until a final challan is submitted to the FIA.

In January last year, an inquiry by the FIA began when the State Bank of Pakistan's financial monitoring unit issued a "suspicious transaction report" on 10 bank accounts. Transactions worth billions were made over the years when over 20 'benami' accounts were opened at a private bank.

At least 32 people were under legal scanner by the FIA for laundering money from fictitious accounts. Zardari, however, had denied such allegations.

In July, the FIA also arrested Stock Exchange of Pakistan chairman Hussain Lawai, who is considered to be Zardari's close aide.