Thread by @Yasirmcheema

Now is my turn to explain the JIT Report.

How extensive was scope?

Account Holders: 924
Bank accounts: 11500
Suspecious transaction reports: 59
Cash transaction reports: 24500

Minimum Transaction amount followed: 10 million

Persons examined: 767

People restrained by JIT from travel abroad: 147

Enquiry started on: 6-10-2015
Reported Fake accounts back then: 4
Volume of transactions by those: 16.2 Billion

Duration of above transactions: 28 Feb 2014 till 14 Oct 2016

Suo moto by SC - JIT constituted

JIT discovered 32 bank accounts created/operated purposly to facilitate money laundring in an organised and structured manner.
Turnover of these 32 accounts: 42.4 Billion

Correction: the 1st Fake account was opened in Jan 2010.

All 32 remain very active till Jan 2017.

11 Fake Entitities opened by Omni Group to Launder Proceeds of Crime.

Ultimate Beneficiary of the transactions is the Zardari Cartel.

Money Blending
Step 1: Govt initiate a Financial Support for sick industrial units
Step 2: Money goes to industrial units
Step 3: Industrial units deposit money into Fake Bank accounts
Step 4: sent to a UAE National (Stake holders of Bank)from Fake accounts
Step 5: Bank liqidty

A transaction layered within Fake accounts 27 times... Yes . 27 times.

Like Rs 100 deposit/withdrawn in multiple parts and in various accounts.

Kickbacks through Govt Contracts.

- Govt Award a contract
- Cotractor deposit the money into Fake Accounts
- Money goes through tge three stages of Money Laundring.

JIT Found 19 Govt contractors paying 1.32 Billion through 323 transactions into Fake Accounts.

Kickbacks - Example

Contractor claim he psid 24% of the contract value as BRIBE into Fake account.

Dear Thatta Residents, here is why u dont have Clean Drinking Water in your taps.

9 transactions of Rs 39.25 Milliom were made into Fake Accounts.

Kickbacks - classic examples.

- Govt initiate a project at Rs 9 Billion
- Cost reaches out to 40 Billion
- of the project, 12 cpntracts awarded to 8 contractors who deposit monies into Fake accounts.

Someone Deposits 1.6 Billion in our banks and withdraw 2.8 Billion (in multiple transactions) and Bank dont know the identity of the person.

No wonder why we are in the grey List.

Our Award Winner Bank, @UBLDigital , fails to keep vouchers of transactions over a Billion Rupees, what else we can expect from other banks?

Imagine if there is such a terror financing cartel?

As IK often Say, when Rulers do corruption, they destroy the ability of the regulatory institutes.
JIT Provide us with evidence of the same thesis where SECP & SBP deliberately close their eyes to let the illegal works keep going in favour of rulers.

Failure if SECP & SBP

Given the regulatory failure of SECP & SBP, JIT recommends a case on the matter.

This is how institutions work when rulers start corruption - they destroy them.

Imagine u r a Compliance officer

Very clear regulation is available which restricts u to lend more then 25% of ur equity to any single Group.

U r regulator and receive quarterly reports from banks.

Yet
Two banks Lend more money to a group than their own total equity.
🤔🤔

A criminal does what he needs...
But why Banks didn't do their due diligence?

You r giving huge loans against an asset, and you do not engage an independent evaluator in assessing the value of the property.

I mean in which world you r living?

The Omni Cartel's world, I say

Isnt it amazing? Banks lending the money against an asset for which the didnt have any independet eveluation.

And superamzing evaluation by the loan applicant for its own assets.

Here is the play of Murad Ali Shah selling a Govt's Sugar Mill

-Very Low bid value (18% of the asset value)
- Secretary Finance Oppose the selling
- Minister Finance strongly recommend the selling in the name of Job creation and benifits to economoy.
- Omni Group buy

- Govt give special Grant for revival
- Never revived or operated a Day
- big chunk of the money recieved from Govt in the name of revival landed into Fake account
- Sugar Mil, Privatised & Financed for jo creation is now DEAD.