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Former Summit Bank CEO taken into custody over money laundering probe


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Former Summit Bank CEO taken into custody over money laundering probe

Pakistan's Judicial Magistrate court has sent Hussain Lawai to the custody of the Federal Investigation Agency until July 11, the country's GEO News reported July 7.

The agency on July 6 arrested the former Summit Bank Ltd. CEO and filed a case against him in connection with an ongoing probe on an alleged money laundering scam of about 35 billion rupees, the news source said in a separate report.

The FIA found that more than 20 accounts were opened at Summit Bank from 2013 through 2015, where transactions worth billions of rupees were made. The money was allegedly gathered from kickbacks, commissions and bribes. Bank officials were said to have failed to report the transactions to the agency.

Lawai was taken into custody after his responses to questions did not satisfy authorities.

The agency initiated the probe after the Financial Monitoring Unit of the State Bank of Pakistan reported suspicious transactions in January regarding 10 bank accounts.

The FIA had looked into the matter in 2015 and issued notices to concerned parties including Lawai, an aide of former Pakistani president Asif Ali Zardari.

As of July 6, US$1 was equivalent to 121.62 Pakistani rupees.