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NAB finds evidence of money laundering by Shahbaz family, issued arrest warrants against Hamza & Suleiman

NAB finds evidence of money laundering by Shahbaz family, issued arrest warrants against Hamza & Suleiman

ISLAMABAD: National Accountability Bureau (NAB) has unearthed the shocking scheme of organized money laundering through which Shahbaz Sharif family member accumulated illegal wealth in recent years while Shahbaz Sharif was in power as chief minister Punjab.

Sources have informed that so far Rs85 billion worth assets made through corruption and organized money laundering have been found by NAB. It is learnt that the evidence found is irrefutable where several members of family are involved in organized money laundering and accumulation of illegal wealth.

Apparently Hamza Shahbaz declared assets in 2003 were less than Rs2,00,000,00 whereas after his father becoming the chief minister of Punjab his personal wealth grew more than 41,00,000,00 (almost 2000%). Reportedly in addition to Hamza, NAB has arrested some close associates and facilitators who according to sources have confessed during investigations the whole web of corruption and money laundering. More arrests are expected in coming days.

Similarly younger son of Shahbaz Sharif, Suleiman Shahbaz grew his personal wealth 8500 times during the span of his father’s tenure as chief minister, with more than Rs3 billion in assets. It is also learnt that as per available evidence with NAB other close family members and associates of family were involved in laundering money and would be associated in the investigation. Today’s arrest is supposed to reveal more about the method used by the family members to create their empire. In coming days more arrests and revelations are expected.

Sources at NAB disclose that there are striking similarities between this case and money laundering/fake accounts case of Zardari in Karachi. NAB team earlier today tried to execute a lawful arrest warrant but was resisted by personal guards of Sharif family and openly violated the legal orders which is an additional offence under NAB laws.