Money-laundering case: Court extends remand of SGC financial officer

LAHORE: An accountability court on Monday extended physical remand of Usman, chief financial officer of Sharif Group of Companies (SGC) till Aug 31 in money laundering reference against Shahbaz family. The NAB accused Muhammad Usman of having a role in money laundering committed by the Shahbaz family and said the suspect aided and abetted by managing a network of laundering funds disproportionate to known sources of income of the Shahbaz family.

It said the suspect had joined the Sharif Group of Companies in 2005 and had been handling the organized system of money laundering on the instructions of Shahbaz, Hamza and Suleman. It alleged that Usman was also involved in layering of unexplained funds of the family by operating proxy bank accounts of the suspects.

Copyright Business Recorder, 2020