Over 0.77 billion U.S. dollars laundered through fake bank accounts in Pakistan

Source: Xinhua | 2018-10-24

The Supreme Court of Pakistan was informed that transactions of more than 100 billion rupees (about 0.77 billion U.S. dollars) have been carried out through 107 fake bank accounts, local media reported Tuesday.

According to the reports, a three-member bench of the country's top court resumed the hearing of its suo-motu case regarding an investigation into money-laundering and fake bank accounts on Monday.

The joint investigation team of the Federal Investigation Agency (FIA) has submitted a report to the apex court, revealing that the transactions of 47 billion rupees (about 0.36 billion U.S. dollars) have been done through fake bank accounts and 54 billion rupees (about 0.41 billion U.S. dollars) were transferred through the fictitious accounts of 36 companies.

Several fictitious accounts at some private banks were opened in 2013, 2014 and 2015, and illegal transactions worth billions of rupees were made through these account, according to investigation conducted by the investigation team.

The FIA has been investigating 32 people in the case, the reports added.