The mysterious case of Summit Bank

KARACHI: The Joint Investigation Team (JIT) probing the fake accounts case has unearthed the modus operandi the Omni Group used to launder money through establishing a bank: Summit Bank.The report stated that the Omni Group acquired the Arif Habib Bank and operationalise it under a new name. The bank was purchased by a little known Mauritius-based company.It was further revealed that a UAE citizen Naseer Abdullah Lotha sent Rs 6.1 billion through illegal means to fulfill the State Bank of Pakistan’s requirement of maintaining equity.These funds were deposited in fake accounts and then transferred to SBP accounts. Hussain Lawai was Summit Bank president at that time.

from The News International - Business http://bit.ly/2FkRacz