National
January 6, 2021
KARACHI: The Federal Investigation Agency’s Corporate Crime Cell (CCC) has registered a case of money-laundering against an officer of the Utility Stores Corporation (Pvt) for allegedly laundering of money through his personal bank account and then purchasing properties. Muneer Ahmad, an officer of Utility Stores Corporation, is already confined to the Central Jail, Karachi, under FIR No.22/2020 registered in Oct by FIA CCC, Karachi, for embezzling millions of rupees from the national exchequer. The FIA sources said it is the first independent case of money laundering after laundering became a cognizable offense, following reforms in the Anti-Money Laundering (AML) Act 2010 in 2020. According to the FIA’s documents, the accused, Muneer Ahmed, allegedly embezzled Rs22.2 million from Pakistan Secretariat Store, Utility Stores Corporations (Pvt) Limited, and deposited the same in his private bank account, and purchased properties. During the investigation
FIA books Utility Stores officer for money laundering
National
January 6, 2021
KARACHI: The Federal Investigation Agency’s Corporate Crime Cell (CCC) has registered a case of money-laundering against an officer of the Utility Stores Corporation (Pvt) for allegedly laundering of money through his personal bank account and then purchasing properties. Muneer Ahmad, an officer of Utility Stores Corporation, is already confined to the Central Jail, Karachi, under FIR No.22/2020 registered in Oct by FIA CCC, Karachi, for embezzling millions of rupees from the national exchequer.
The FIA sources said it is the first independent case of money laundering after laundering became a cognizable offense, following reforms in the Anti-Money Laundering (AML) Act 2010 in 2020. According to the FIA’s documents, the accused, Muneer Ahmed, allegedly embezzled Rs22.2 million from Pakistan Secretariat Store, Utility Stores Corporations (Pvt) Limited, and deposited the same in his private bank ac
January 1, 2021
LONDON: The Pakistan High Commission has made a payment of $28.706 million (Rs4.59 billion) on behalf of the National Accountability Bureau (NAB) to the assets recovery firm Broadsheet LLC after losing the long-running litigation at the London High Court – 17 years after hiring the firm to trace alleged foreign assets of dozens of Pakistanis and being unable to find any.
The London High Court’s Financial Division had issued on 17 December a Final Third Party Order for payment to the NAB’s former client Broadsheet by 30th of December – drawing curtains on a case that has cost Pakistani taxpayers billions of rupees. Ironically, Broadsheet was hired by NAB during Pervez Musharraf’s government in 2003 to trace assets in the UK and USA of more than 200 Pakistanis (called ‘targets’ in the contract) including generals, politicians, businessmen - Benazir Bhutto, Asif Ali Zardari and Nawaz Sharif as the chief targets. The firm didn’t recover a single asset o
LONDON/ISLAMABAD: The Pakistan High Commission has made a payment of $28.706 million on behalf of the National Accountability Bureau to the assets recovery firm Broadsheet LLC after losing the.