Pakistan Stock Exchange chairman remanded into FIA custody

A judicial magistrate in Karachi remanded on Saturday Pakistan Stock Exchange Chairman Hussain Lawai into Federal Investigation Agency's (FIA) custody for four days. 

The Pakistan Stock Exchange chairman will remain in FIA's custody until July 11. The FIA grilled on Friday Lawai over his alleged involvement in money-laundering scam involving billions of rupees, local media reported.

Lawai is a seasoned banker with more than 40 years of banking experience in top positions. He was summoned for investigation in a money laundering scam. Sources in Pakistan Stock Exchange confirmed that Lawai was summoned for investigation by FIA banking circle on Friday morning.

According to FIA sources, Lawai is accused of operating more than two dozen benami accounts to launder billions of rupees abroad. Lawai was also reportedly stopped at Karachi's Jinnah International Airport to leave the country last month over allegedly dubious banking transactions.