Home Latest News P.M. Sharif, Son Hamza Acquitted in Rs. 16b Money Laundering Case

P.M. Sharif, Son Hamza Acquitted in Rs. 16b Money Laundering Case

Special court issues verdict after FIA says it has no evidence directly linking PMLN leaders to ‘hidden accounts’

by Staff Report

P.M. Shehbaz Sharif. Photo courtesy PID

A special court in Lahore on Wednesday acquitted Prime Minister Shehbaz Sharif and his son, Hamza Shehbaz, in a Rs. 16 billion money-laundering case that was lodged against them by the Federal Investigation Agency in 2021 under the PTI-led government.

Neither the prime minister nor his son were present in court when the judgment was announced—Sharif had sought an exemption due to official engagements, while Hamza had claimed he was not feeling well. The acquittal followed hearings in which the FIA prosecutor informed the court that no money was directly deposited in the accounts of either father or son, adding there was no “direct evidence” against them.

Prior to the announcement of the verdict, FIA prosecutor Farooq Bajwa had opposed the acquittal due to the scale of the Rs. 16 billion money-laundering case. “We want this case to proceed. The case should go on till the suspects have been indicted,” he argued, as Special Court Judge Ejaz Awan maintained that the FIA had failed to produce “concrete evidence” suggesting the suspects’ guilt.

Filed by the FIA in December 2021, the case against Sharif and Hamza alleged their involvement in the laundering of Rs. 16 billion in a sugar scam case. “The investigation team has detected 28 benami (hidden) accounts of the Shehbaz family through which money laundering of Rs. 16.3bn was committed during 2008-18,” read a report submitted by the FIA to court. “The FIA examined the money trail of 17,000 credit transactions,” it said, adding that the amount had been kept in “hidden accounts” and given to the incumbent prime minister in a personal capacity.

The Rs. 16 billion in question, alleged the report, had nothing to do with the Sharif family’s sugar business. It claimed money was deposited in the accounts of low-wage employees by the accused, before being transferred outside Pakistan via hundi/hawala networks and ending up back in the hands of the Sharif family. “Eleven low-paid employees of the Sharif group who ‘held and possessed’ the laundered proceeds on behalf of the principal accused, are found guilty of facilitating money laundering. The three other co-accused of the Sharif group also actively facilitated the money laundering,” the FIA had added in the report.

Referring to these ‘benami’ accounts, the judge had asked the FIA in its previous hearing about the number of bank accounts owned by Malik Maqsood—aka Maqsood Chaprasi—and been informed there were eight bank accounts to his name. He said no money had been directly deposited or withdrawn from these accounts by either Sharif or Hamza.

To the judge questioning what evidence substantiated that the money-laundering was done at the behest of the Sharif duo, the FIA prosecutor said there was no evidence linking them to the crime.

PMLN jubilant

After the verdict was announced, the prime minister thanked God for his acquittal, stressing that he and his son had been vindicated before the court, the law and the public. “No matter how much I thank God for this, it won’t be enough,” he said in a posting on Twitter. “Despite the worst practices, use of state force, and holding institutions hostage we” still emerged victorious, he added.

Separately, Hamza issued a statement saying the verdict represented the victory of “truth, righteousness, and honesty.” Describing the case as “politically motivated,” he said he had been detained for nearly 22 months over it and regretted the “damage” done to national institutions. “The nation’s money was wasted, and the reputation of institutions was also damaged due to the cases lodged on Imran Khan’s directions,” he said, recalling that the British National Crime Agency had also cleared the prime minister of all charges of money-laundering.

“The actual money launderer is Imran Niazi, who received funds through a ‘tea boy.’ He is a certified foreign-funded, who will now have to face the courts,” he vowed.

In a posting on its official Twitter account, the PMLN said “another fabricated case created for political victimization” had now come to an end. “Verily, falsehood is bound to perish as promised by the Almighty,” it added.

PTI condemnations

By contrast, the PTI claimed the verdict was a “slap” on the face of the nation. PTI leader Chaudhry Fawad Hussain, in a posting on Twitter, attempted to link the ruling coalition’s ongoing efforts for flood relief as standing in contrast to “one family looting billions of rupees.”

Similarly, PTI’s Shireen Mazari described the ruling as a “shameful reflection” on Pakistan. “Within six months, white collar criminals whitewashed after being brought to power through U.S. regime conspiracy abetted by local conspirators,” she wrote on Twitter, referring to a widely debunked “foreign conspiracy” that the PTI alleges was responsible for its ouster.

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