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Former Pak Prez Asif Ali Zardari arrested in Park Lane Properties case

ANI  |  Asia 

Former Pakistan President Asif Ali Zardari was on Monday arrested in a multi-million dollar money laundering case by the National Accountability Bureau (NAB).

Asif Ali Zardari was allegedly running a fake front company by the name of Parathon as a shareholder in Park Lane properties, ARY News has reported.

The charges entail that the former President took out a loan worth Rs 1.5 billion from the National Bank of Pakistan in the name of Parathon and transferred to the company account in a private bank.

Zardari, who is already in the custody of the anti-corruption watchdog, is set to appear in front of the Accountability Court on Tuesday with regards to the allegations on him.

The investigating officer in the money laundering case will request for an extension in his remand, while another officer will request his remand in the Park Lane case.

If the court approves his physical remand in both cases then the investigating officers will have the right to question him in their respective cases, Samaa news agency reported.

Warrants for the Pakistan People's Party (PPP) co-chairman's arrest were issued after bail pleas of the accused were withdrawn earlier.

The Park Lane Estate company is a Karachi-based real estate firm. The anti-graft watchdog had initiated an inquiry against him and his son, Bilawal Bhutto Zardari, on charges that they illegally transferred forest land to the firm in collusion with some government officials. Bilawal was given a clean chit in the case on June 12.

The money laundering case, on the other hand, refers to the embezzlement of Rs 4.4 billion. NAB has accused Zardari and his sister, Member of the Provincial Assembly (MPA) from Faryal Talpur, of owning shares of the Zardari Group, a company that received some of the embezzled funds.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 01 2019. 21:37 IST
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