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Banking Court rejects Hussain Lawai’s bail plea

KARACHI: A banking court in Karachi dismissed the bail pleas of former Pakistan Stock Exchange (PSX) chairman Hussain Lawai and Taha Raza, accused in a money laundering scam.

The court ruled that the probe in the case is underway, therefore, the bail can not be granted at this particular time.

Lawai, who is said to be a close aide of former president Asif Ali Zardari, facing inquiry in a Rs35 billion money laundering case, was arrested by the Federal Investigation Agency (FIA) on July 6.

Following Lawai’s arrest, Pakistan Stock Exchange announced to remove renowned banker as its chairman on July 10.

FIA officials say 32 people, including Lawai, are being investigated for laundering billions of rupees through fictitious bank accounts. Former president Asif Ali Zardari and his sister Faryal Talpur are also among the accused who had their bails approved from the court lately.

The Supreme Court had taken a suo motu notice after media reported the alleged money laundering case through fake bank accounts.

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