Details of Shehbaz Sharif's assets, money laundering surface

LAHORE: An investigation into money laundering charges against PML-N President Shehbaz Sharif and members of his family has revealed that Shehbaz Sharif’s assets increased from Rs14.86mn to Rs7328mn in the past 20 years, ARY News reported, citing sources.

The PML-N leader had declared assets worth Rs2.12 million in 1990 which increased to Rs14.8 million in 1998 and reached Rs7328 million in 2018, sources told ARY News.

Sources said that Shehbaz Sharif formed 13 new Benami companies under the banner of Sharif Group of Companies and laundered Rs2400 million through these flimsy companies.

The Benami companies formed by the Sharif Group of Companies include Waqar Trading, Younus Trading, Uni-Toss and Good Nature Trading Company. The Nisar Trading Company was formed in the name of former CM House secretary Nisar Ali Ahmed, sources further disclosed.

Shehbaz Sharif made properties worth Rs619.85 million which include three homes; 96-H Model Town residence, Defence house and Doonga Gali house.

The declared assets by the PML-N president and his family in the year 2018 had gone up to Rs584 million while the latter had also succeeded in forming a proper money laundering set up in 2018.

Earlier today, the National Accountability Bureau (NAB) arrested PML-N President and Opposition Leader in the National Assembly Shehbaz Sharif in a money-laundering and assets beyond means case.

A team of the national graft buster arrested him from the Lahore High Court (LHC) after it dismissed his plea for extension in his interim bail in the case. He was escorted to the NAB Lahore headquarters amid tight security.

A large number of PML-N supporters were present on the court premises to show solidarity with their party leader and chanted slogans against the NAB and the government after his arrest.

The LHC bench rejected his bail petition after hearing arguments of the NAB prosecutor and the PML-N president’s lawyer Azam Nazir Tarar at length. Earlier today, Shehbaz Sharif arrived at the LHC as it resumed hearing the case.