COMSATS UNIVERSITY ISLAMABAD

LAHORE CAMPUS
BUSINESS LAW FINAL PROJECT
SUBMITTED BY
STUDENT NAME REGISTRATION NO
Rab Nawaz Hassan SP19-BBA-103
Saqib Saleem SP19-BBA-025
Aqib Ghaffar SP19-BBA-092
Munawar Husain SP19-BBA-046

SUBMITTED TO
Anam Toqeer
Date of Submission
13-06-2021
 Case Study
Fake Account of Omni Group
Abstract:
An Enquiry No. 70/2015 was initiated on 06.10.2015. The anti-corruption wing of the Federal
Investigation Agency in Karachi received a tip of suspicious intra-bank transactions from the
Summit Bank, Sindh Bank and the United Bank Limited. The JIT found that 32 fake bank
accounts were being operated by 11 fake entities to launder money from “kickbacks, land
grabbing and large-scale misappropriation of public funds.”, There are 24 accused. Last week,
the JIT presented its last report to the Supreme Court, which will take up the case for hearing on
Monday, December 24. We accept that while a portion of the cases require further examination,
the report presents significant proof to back up its claims, including the substance of the
classified piece of the report. The matter might be alluded to NAB, for a careful request and
documenting a reference in the Accountability Court for arraigning the individuals who were
included and recuperation of continues of wrongdoing.

Introduction/ Background:
 What happening in the case?
An Enquiry No. 70/2015 was initiated on 06.10.2015. The anti-corruption wing of the Federal
Investigation Agency in Karachi received a tip of suspicious intra-bank transactions from the
Summit Bank, Sindh Bank and the United Bank Limited. The following 04 ‘Fake Accounts ‘of
02 branches of Summit Bank, which apparently did not match with the profiles of accounts
holders and seemed like instruments for parking illegal money:

Transaction Period Transaction

S A/c. number & Title Opened Closed (Rs)
1 1-2-28-20620-714-139111 06-03-2014 12-01-2015 4.4 Billion
‘ A -O n e In t e r n a t io n a l’
2 1-2-28-20620-714-140352 03-06-2014 12-01-2015 3 Billion
‘ Iq b a l M e t a l’
3 1-2-1-20620-714-135339 28-02-2014 14-10-2016 2.8 Billion
‘ L u c k y In t e r n a t io n a l’
4 1-2-1-20620-714-157355 11-04-2014 03-06-2015 6.3 Billion
‘Umair Associates’

The case dragged on until June 2018, when the Supreme Court took Suo moto notice of the fake
accounts and directed a Joint Investigation Team (JIT) to probe the matter.
  Who are the parties:
The JIT found that 32 fake bank accounts were being operated by 11 fake entities to launder
money from “kickbacks, land grabbing and large-scale misappropriation of public funds.”
There are 24 accused, according to the JIT, who operated, benefited, and abetted the transactions.
Namely:
 Anwar Majid, head of Omni Group
 Anwar’s son, Abdul Ghani Majid
 Aslam Masood, CFO Omni Group
 Muhammad Arif Khan, accountant Omni Group
 Noreen Sultan, the former relationship manager at the Summit Bank
 Kiran Aman, the then-operations manager, Summit Bank
 Adeel Shah Rashidi, the then-branch manager Summit Bank
 Taha Raza, Unit Corporate Head, Summit Bank Ltd
 Hussain Lowai, the then-president Summit Bank
 Nasser Abdullah Lootah, chairman Summit Bank
 Faryal Talpur
 Asif Ali Zardari.

 Facts:
During pendency of the enquiry, a Suspicious Transactions Report ("STR") was gotten on 07-12-
2017 from the Financial Monitoring Unit ("FMU"), which contained 29 dubious records,
including previously mentioned four records. These 29 records contained 16 at Summit Bank, 08
at Sindh Bank and 05 at UBL. Every one of the records were opened in the names of people/sole
ownerships firms for a specific timeframe. Altogether, Rs. 35 billion were executed in these
records and utilized for tax evasion. The profiles of record holders terribly jumbled with the huge
exchanges. Appropriately, Enquiry No. 03/2018 dated 26 January 2018 was enrolled at State
Bank Circle, FIA Karachi to test into the dubious opening and activity of these records. The past
enquiry (No. 70/2015) of ACC, FIA Karachi was additionally converged in it and the
examination was endowed to Muhammad Ali Abro, Assistant Director, FIA State Bank Circle
Karachi. Starting test uncovered that these records were opened/worked on the guidelines of
Aslam Masood, Chief Financial Officer, and Muhammad Arif Khan, an Accountant of 'Omni
Group' (a gathering of organizations possessed by Anwar Majid family), in intrigue with the
concerned banks. Principle account holders and banks included Omni Group, Bahria Town,
Zardari Group, Parthenon Pvt. Ltd, Zain Malik (Son-in-Law of Malik Riaz Hussain, CEO Bahria
Town Pvt. Ltd.), Arif Habib and a gathering of project workers/developers including, Mustafa
Memon, Sardar Ashraf D Bloch and Sher Muhammad Mugheri.
 Missing Significant Information:
There is no missing critical data. All the significant data was accessible to the specialists
however in the event that we talk about the observers there are not many frail observers
accessible yet not dependable.
The Omni Group included
As per the JIT, a significant recipient of the phony records exchanges was the Karachi-based
Omni Group. The Group, says the JIT, had a "surprising and uncommon (unusual) development
2009 onwards," strangely, after the Pakistan Peoples Party (PPP) took power. From 2008 to
2013, the organization developed at an astounding 2,500 percent and added a sum of 83
organizations under its umbrella. The development rate tumbled to 142 percent after 2013, when
the PPP lost the focal government.
Asif Ali Zardari connected
The cash, expresses the JIT, advanced into two ledgers of an organization called Parthenon,
which was purportedly a "front organization" of Park Lane Pvt Ltd. The street number of
Parthenon is recorded really that the equivalent of a property possessed by Asif Ali Zardari
through Park Lane.
Besides, Zardari and his child, Bilawal Bhutto Zardari, are advantageous investors – 25% each –
in another organization Park Lane Estate Pvt Ltd, a development organization, which is
additionally said to have gotten a portion of the cash through fake methods.
The JIT says the cash, sent through these records, was utilized by Zardari to pay obligation and
expenses of three vehicles, which had been skilled to the then-President Asif Ali Zardari. "The
said vehicles were enlisted for the sake of Zardari and furthermore announced in his designation
papers submitted to Election Commission of Pakistan." The cash was likewise used to pay for
Zardari's helicopter trips, in addition to other things.
Faryal Talpur have to do with it.
Installments to the tune of Rs 3.58 million were made in 2011 and 2012 out of different phony
records for acquisition of concrete from Thatta Cement to develop the home of Faryal Talpur.
Likewise, from 2011-2014, Talpur was the approved signatory of the Zardari Group.

Evaluation:
Creation And Operation Of '32 Fake Accounts/11 Fake Entities ‘and The Modus Operandi Of
Laundering Proceeds of Crime.
This part portrays the creation and activity of '32 Fake Accounts/11 Fake Entities' and the modus
operand utilized for washing continues of payoffs, land snatching, huge scope misappropriations
of public assets, monetary and different wrongdoings through these 'Phony Accounts'. The
ensuing areas will give a sharp outline and discoveries radiating from the dealings firmly
connected with the activity of these 'Phony Accounts'.
Current status
Last week, the JIT presented its last report to the Supreme Court, which will take up the case for
hearing on Monday, December 24. All the proof, ordered throughout the span of the most recent
three years beginning with Zeb, was full in more than eight boxes and submitted to the zenith
court's library.
The extent of the request currently incorporates more than 300 people of revenue, scores of
ledgers and organizations related with them. At the focal point, all things considered, are Anwar
Majeed, his children, financiers Hussain Lawai and Taha Raza, the occupant and a previous boss
priest and two previous boss secretaries, other than the initiative of Sindh's decision party, Asif
Ali Zardari, and his sister, Faryal Talpur.
Evaluation:
1. At the point when the current JIT was established by the august Supreme Court, Twentynine
(29) Fake/Front Accounts had effectively been distinguished by the interior JIT of FIA. The
current JIT investigated 11500 financial balances of 924 record holders related with the
previously mentioned accounts. (59) Suspicious Transaction Reports (STRs) and 24500 Cash
Transaction Reports (CTRs) related with the previously mentioned accounts were investigated
alongside the advance profile of 924 people and elements.
2. Keeping in see the high quantum of exchanges, a limit of Rs 10 million was set to follow,
follow, and minutely explore the progression of assets past the prompt counter gatherings and
decide the wellspring of assets and extreme recipients.
3. The JIT called 885persons, however767appeared and were analyzed by the JIT though 118 did
not show up (Ref. Addition 1for subtleties of people brought, showed up and not showed up)
before the JIT and could not be inspected. A sum of four (04) charged to be specific Khawaja
Anwar Majid, Khawaja Abdul Ghani Majid, Hussain Lowai and Taha Raza were captured by
FIA in FIR 04/2018 SBC Karachi, and they are by and by in legal guardianship. Absolute five
(05) blamed against whom warrant for capture have been given by the exceptional court (Bank
Offenses) Karachi, are slipping away abroad according to IBMS record of FIA migration, viz.
 Aslam Masood, CFO Omni Group (captured by Interpol in Saudi Arabia).
 Muhammad Arif, Accountant Omni Group (UAE).
 Nasser Abdullah Lootah, Chairman Summit Bank (UAE public).
 Muhammad Umair, worker of Omni Group (UAE).
 Azam Wazir Khan, M/s Paradise Travels (UAE).
 Younas Kudwai
4. On the solicitation of JIT, through NCB-Interpol Islamabad, INTERPOL Headquarter Lyon,
France is handling the solicitation for Red Notices for the previously mentioned fleeing. In
addition, the JIT has controlled the movement out of nation by putting one-hundred and 47 (147)
people needed for the examinations on Provisional National Identification List (PNIL) - (Ref.
Addition 2 for rundown of people whose names have been remembered for PNIL).
Methodology:
We use Secondary data through literature review, articles, case study and reports like JIT report.

Decision:
A two-judge seat headed by Chief Justice of Pakistan Justice Main Saqib Nisar heard the suo
motu case at the pinnacle court's Lahore vault on Monday and gave a notification to the Pakistan
Peoples Party (PPP) co-administrator Asif Zardari. The court likewise forced a prohibition on the
deal and acquisition of Zardari and Omni gatherings' properties.
Group Opinion:
We accept that while a portion of the cases require further examination, the report presents
significant proof to back up its claims, including the substance of the classified piece of the
report.
The instance of Summit Bank, against which the report looks for activity for 'illicit creation from
wrongdoing continues and extension of Summit Bank from wrongdoing continues."

Recommendation:
1- The matter might be alluded to NAB, for a careful request and documenting a reference
in the Accountability Court for arraigning the individuals who were included and recuperation of
continues of wrongdoing.
All the announced (moveable and unfaltering) resources and records of Omni Group and those of
its chiefs – the Anwar Majid family (consolidated)" might be frozen promptly, forthcoming the
last removal by the Accountability Court: in case this 'illegal tax avoidance cartel', what began
with a settled-up capital of Rs 6000 just in year 2000, shifts its resources, brought in out of open
cash, abroad.
2- The matter might be alluded to NAB, for an exhaustive request and recording a reference
in the Accountability Court for arraigning the individuals who were included and recuperation of
continues of wrongdoing All the announced (moveable and enduring) resources and records of
Omni Group and those of its chiefs – the Anwar Majid family (joined)" might be frozen quickly,
forthcoming the last removal by the Accountability Court: in case this 'illegal tax avoidance
cartel', what began with a settled up capital of Rs 6000 just in year 2000, shifts its resources,
brought in out of open cash, abroad.
3- The matter might be alluded to NAB, for an exhaustive request/examination and
recording a reference in the Accountability Court for arraigning every one of the individuals who
were included and recuperation of continues of wrongdoing.
Conclusion:
The Omni Group purportedly pulled out assets from financial balances that should have been
frozen under court orders, the Federal Investigation Agency (FIA) told the Supreme Court on
Friday through a report.
The Supreme Court, on the FIA's solicitation, had prior arranged the freezing of 41 financial
balances worked by six organizations possessed by the Omni Group, whose administrator,
Anwar Majeed — alongside previous president Asif Ali Zardari and others — is being explored
over claims of illegal tax avoidance.
The FIA answered to the court today that, regardless of its orders, 10 of the 41 records were not
frozen immediately, because of which a huge number of rupees worth of exchanges were led
from those records.

References:
https://tribune.com.pk/story/1873230/omni-group-saga-fake-accounts-bogus-
companies-trail-ill-gotten-wealth
https://www.geo.tv/latest/242872-explainer-what-is-the-fake-accounts-case-all-
about
https://www.geo.tv/latest/303193-fake-accounts-case-key-witness-aslam-masood-
passes-away-due-to-heart-attack
https://www.geo.tv/latest/222961-money-laundering-case-jit-report-holds-zardari-
omni-groups-responsible
https://nation.com.pk/07-Apr-2021/court-endorses-nab-decision-of-seizing-omni-
group-s-plots-shares

Download-JIT-Repo
rt.pdf

Anti-Money-Launde
ring-Act-2010.pdf

Plagiarism Report:
Due limitation of Plagiarism Checker websites that’s why plagiarism report is split into two
parts.
 The Plagiarism report of first 1475 words

SER-Plagiarism-Rep
ort.pdf

 The Plagiarism report of remining words

SER-Plagiarism-Rep
ort.pdf