Ishaq Dar's Rs500m transferred to Punjab govt

LAHORE - Over Rs 500m from the bank accounts of former finance minister Ishaq Dar has been transferred to the treasury of provincial government.

The development comes on the directives issued by an accountability court in Islamabad which ordered to auction movable and immovable assets of the politician and seize his bank accounts.

Dar, who is accused in assets beyond income case, was declared a proclaimed offender after he failed to appear before the court despite repeated summons; he claims to be medically unfit.

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In line with the verdict passed by Judge Mohammad Bashir, Lahore’s deputy commissioner had sent notices to banks for the transfer following which the district authorities transferred the amount to Punjab government through three pay order transactions.

According to NAB, Dar owns six bank accounts in Lahore and Islamabad, 13 assets within Pakistan and seven assets/companies abroad. According to the list, Dar possesses two Mercedes Benz vehicles, three Land Cruisers and one Toyota Corolla. Two of the luxurious vehicles had mysteriously gone missing as well.

In Lahore, Dar owns a house in Gulberg and three plots in Alfalah Housing Society co-owned by his wife and son; the assets located abroad include apartments at Emirates Hill and Jumeirah in Dubai.

The former finance czar also owns a Bentley Arnage, a Mercedes and have two investments in Baraq Holding (Pvt) Ltd and one investment in Dar al Nahayan (Pvt) Ltd, Express News reported.

The details further show Dar and his wife have made investment of Rs3,453,060 in Hajveri Holding (Pvt) Ltd and Rs2,700 in the Sui Northern Gas Pipelines Ltd.

A reference against the former finance minister was filed by anti-graft body in light of the Supreme Court’s July 28 verdict in the Panama Papers case.

In its reference, NAB had alleged that 'he accused has acquired assets and pecuniary interests/resources in his own name and/or in the name of his dependents of an approximate amount of Rs831.678 million'.

Ishaq Dar contends that the cases lodged against him are political and are not rooted in reality.