Money laundering case: Will Shehbaz, Hamza submit Rs16b to national exchequer after acquittal?

LAHORE: Prime Minister Shehbaz Sharif and his son Hamza Shehbaz have been acquitted in Rs16 billion money laundering case following the verdict of a Lahore court on Wednesday.

A Lahore special court gave its verdict in the money laundering case and acquitted PM Shehbaz Sharif and Hamza Shehbaz after finding him not guilty of the charges.

The premier and his son did not appear before the court. The lawyer filed exemption pleas for both as the premier was busy with official engagements and Hamza was not feeling well.

In a short order, the court acquitted Shehbaz and Hamza and it will issue a detailed verdict today. PM Shehbaz and his son Hamza were acquitted in the case before being indicted despite the court fixed hearings many times to indict them.

The Federal Investigation Agency (FIA) apprised the special court that Shehbaz and Hamza were not found guilty in money laundering as no direct allegation was found against them. The agency gave a clean chit to them and said that neither the money had ever been deposited nor withdrawn directly from PM Shehbaz and Hamza’s bank accounts.

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It is pertinent to mention here that the money laundering case was registered by FIA against Shehbaz, Hamza and Suleman Shehbaz in November 2020 under sections 419, 420, 468, 471, 34 and 109 of the Prevention of Corruption Act and r/w 3/4 of Anti Money Laundering Act.

The agency had submitted the challan against Shehbaz Sharif and Hamza Shehbaz in December 2021 over their alleged involvement in the Rs16 billion money laundering case. Prior to the submission of the challan, they were facing allegations of Rs25 billion in money laundering.

The FIA’s report released 28 benami accounts of the Shehbaz family which were detected by the investigation team through which money laundering of Rs16.3 billion was allegedly committed during 2008-18.

The FIA examined the money trail of 17,000 credit transactions. The report added up that the amount was kept in hidden accounts and given to Shehbaz in a personal capacity, Express Tribune reported.

The FIA had alleged that the money received from the accounts of low-wage employees by Shehbaz Sharif had been transferred outside Pakistan through hundi giving benefits to his family. Eleven low-paid employees of the Sharif family were found guilty of facilitating money laundering.

The FIA has nominated Shehbaz Sharif and his sons — Hamza and Suleman — as the principal accused in the case. Fourteen others have been named in the FIR under sections 5(2) and 5(3) (criminal misconduct) of the Prevention of Corruption Act, read with 3/4 of the Anti-Money Laundering Act.

The benami accounts, which had deposits totalling Rs16.3bn, were not declared by the principal accused, according to the FIA.

“The exact role and guilt of Suleman will be determined upon his arrest/surrender, but the evidence suggests that he aided and abetted his brother Hamza and thus found guilty of same offence.”

The investigation agency further said Mr Shehbaz was so “non-cooperative” during questioning that when he was asked which of his sons controlled the Sharif group and Ramzan Sugar Mills (RSML), he expressed his ignorance.

Analysts said that the acquittal of Shehbaz Sharif and Hamza Shehbaz raised many questions as it was established earlier that the bank accounts were not belonging to the politicians but Rs16.3 billion belonged to both of them which was allegedly laundered to benefit them.

They said that the FIA had proceeded with the case in the said direction and its probe was also based on the same allegations that the money was owned by Shehbaz Sharif’s family.

Analysts added that the FIA suddenly changed its stance for having no evidence against them on the basis of the bank accounts. They said that the politicians were acquitted in the case for not owning the suspicious bank accounts but they should be ordered to return Rs16 billion laundered money to the national exchequer.