KARACHI – A banking court on Monday turned down the bail petitions of former Pakistan Stock Exchange chairman Hussain Lawai and co-accused Taha Raza in a Rs4.14 billion money laundering case.
A verdict on the applications was reserved on August 18. The court rejected the pleas stating that the suspects are currently under investigation and could not be released at this time.
Lawai, a close aide of former president Asif Ali Zardari, was arrested by the Federal Investigation Agency (FIA) during an ongoing probe into mega money laundering scandal involving Rs 35 billion in connection with other corrupt politicians, businessmen and bankers.
https://en.dailypakistan.com.pk/headline/money-laundering-scandal-arrest-warrant-issued-for-ppp-co-chairman-asif-zardari/
Hussain Lawai and his associates are accused of opening the bogus accounts in the Summit Bank and United Bank of Pakistan Limited.
Hussain Lawai had been terminated from the office of chairman of the Pakistan Stock Exchange (PSX) with immediate effect following his arrest.
A notification was issued to this effect today by the Securities and Exchange Commission of Pakistan (SECP).
Â
