Money laundering: PSX chairman Hussain Lawai, Taha Raza sent on physical remand
The suspects have been sent on a four-day physical remand.
KARACHI (Dunya News) – Karachi’s city court on Saturday approved four-day physical remand of Pakistan Stock Exchange chairman Hussain Lawai and Taha Raza in money laundering case.
Defence lawyer Shaukat Hayat maintained that the physical remand was not necessary. He said that Lawai is the president of the bank and operating accounts is a part of his routine work.
The lawyer told court that first inquiry against his client concluded three years back. Federal Investigation Agency (FIA) adopted stance that the suspects laundered Rs7 billion.
“Rs4 billion have been recovered. Hussain Lawai opened account in the name of Talha.
Talking to media, Lawai said that he is a heart and blood pressure patient. “Those who committed corruption are sitting abroad and I have been accused of the crime. I will request the court to grant me medical relief in the case,” he asserted.
FIA had arrested Lawai a day before on Rs25billion money laundering charges.
Lawai has over 40 years of banking experience and has served as the CEO and President of Summit Bank Limited from November 2008 until February 21, 2016.
Lawai also served as the CEO and President of Atlas Bank Limited, MCB Bank, and country general manager Faysal Islamic Bank and Union Bank of Middle East.
He is currently the chairman of PSX who took charge of the post on May 15, 2018.
