Probe underway to recover $1b from corrupt: Shahzad

The Nation

ISLAMABAD – Special Assistant to the Prime Minister on Accountability, Barrister Shahzad Akbar Sunday said almost 11 billion dollars had been transferred from Pakistan to other foreign countries through money laundering done in previous regimes, of which recovery of one billion dollars was in progress.
Talking to a private media channel, he said memorandum of understanding (MoUs) had been signed with different countries which would pave way to recover the looted national wealth.
He said the Sharif family had made illegal transactions of money abroad and it could not escape from punishment now.
The special assistant said the previous governments had not revamped the national institutions rather damaged them.
He said the National Accountability Bureau (NAB) was working independently and there was no interference in its matters.
National Accountability Bureau (NAB) Rawalpindi has arrested accused Sher Ali and Farooq Abdullah for involvement in fake account scam and misappropriation of loans.
According to NAB spokesman, the suspects former Manager Operations Habib Bank Limited Sher Ali and Muhammad Farooq Abdullah former Area Manager and Branch Manager, HBL, Karachi were involved in corruption and corrupt practices in fake bank accounts scam, corruption and corrupt practices in extending loans and its misappropriation by front company M/S Parthenon Private limited of M/S Park Lane Estates Pvt Ltd and others.

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