Money laundering case: Banking court extends interim pre-arrest bail of Moonis Elahi

LAHORE: A special (banking) court on Monday extended interim pre-arrest bail of PML-Q leader and former federal minister Chaudhry Moonis Elahi and two others till July 14 in a case of alleged money laundering registered by the Federal Investigation Agency (FIA) in light of a report of the Sugar Inquiry Commission 2020.

Elahi, Punjab Assembly secretary Muhammad Khan Bhatti and Wajid Bhatti appeared before the court along with their counsel.

The investigating officer told the court that the suspects joined the investigation. However, he said, the investigation had not been completed.

After going through the record, Presiding Judge Aslam Gondal expressed concern over the slow pace of the investigation.

The IO said there had been a difficulty in obtaining record from the banks beyond ten years.

The judge directed the IO to complete the investigation by the next hearing.

The FIR was registered under sections 34 (acts done by several persons in furtherance of a common intention), 109 (punishment for abatement), 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating) and 471 (using a genuine forged document) of the Pakistan Penal Code, read with section 5(2) of the Prevention of Corruption Act, 1947 and section 4 of the Anti Money Laundering Act, 2010.

The FIR says in the light of the Sugar Commission’s report, the FIA was mandated by the federal government to probe financial and corporate frauds committed by various sugar mills, including Rahim Yar Khan (RYK)/Alliance Sugar Mills.

Punjab Assembly secretary Muhammad Khan Bhatti, Muhammad Nawaz Bhatti, Muhammad Ali, Mazhar Abbas, Makhdoom Omar Sheharyar, Tariq Jawaid and Wajid Khan Bhatti were also booked in the FIR.

It said the inquiry revealed that several low profile individuals jointly set up RYK Sugar Mills Ltd in 2007-8 at Rahim Yar Khan. The FIR said the mill was set up by laundering funds from unexplained sources, including proceeds of financial crimes.

Copyright Business Recorder, 2022