ISLAMABAD: The Supreme Court on Sunday formed a joint investigation team (JIT) to investigate money-laundering allegations.

A three judge bench headed by Chief Justice Supreme Court of Pakistan Mian Saqib Nisar also directed authorities to place presidents of United Bank Limited (UBL), Sindh Bank, and Summit Bank on the Exit Control List (ECL).

The bench was hearing a suo motu case pertaining to the alleged use of fake bank accounts to launder money.

Federal Investigation Agency (FIA) Director-General Bashir Memon informed the top court that the investigation in the matter was initiated on an intelligence tip in 2010.

Memon said that out of the 29 accounts identified by FIA, 16 existed at Summit Bank, eight at Sindh Bank and five at UBL, while transactions worth Rs35 billion were recorded among seven people.

He said Rs70 million were transferred to Ansari Sugar Mill, Rs5 million to Omni, Rs15 million to Pak Ethanol, Rs200 million to Chamber Sugar Mill, Rs5.7 million to Agro Firm and Rs15 million to Zardari Group Pvt Ltd through alleged fake bank accounts.

The top judge inquired about why the suspect behind money-laundering of over Rs35 billion had not been summoned. To this, Memon said that FIA had sent notices to all suspects.

The agency recently arrested Hussain Lawai – vice-chairman of Summit Bank and a close aid of Pakistan People’s Party (PPP) co-chairperson Asif Ali Zardari.

The chief justice, while noting the gravity of white collar crimes, ordered the formation of joint investigation team (JIT) comprising financial experts along the lines of the infamous Panama Papers.