Money trail of Rs25bn: FIA serves show-cause notice on Hamza to submit documentation in 30 days

LAHORE: The Federal Investigation Agency has on Saturday served a show-cause notice to Punjab Assembly Opposition Leader Hamza Shahbaz, asking him to submit all supporting documentation for the money trail of Rs 25 billion within 30 days.

"During an investigation of the FIR, it has become evident that deposits of over Rs 25 billion (approximately) acquired and concealed (nature and origin deposits of funds) by you/under your control are proceeds of crime and money laundering transactions," the notice stated, which was served under Section 9 of the Anti-Money Laundering Act 2010.

Thus, the FIA has asked the Opposition Leader to share complete details of all immovable properties (within or outside Pakistan) that are or were held by him or on his behalf since 2008, complete details of all vehicles and bank accounts, besides shares, jewellery, cash, and prize bonds. He will have to submit supporting documents as evidence to establish that the assets he owns 'are not proceeds of crime'.

The FIA warned that failure to provide the money trail within the stipulated time may lead to forfeiture of his property by the federal government.

Copyright Business Recorder, 2021