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September 16, 2019
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After JIT report FIA raids SECP office, seizes important records

ISLAMABAD: Following the damning JIT report in the fake bank account case, the Federal Investigation Agency raided the headquarters of Securities and Exchange Commission of Pakistan (SECP) and seized important records from there.

The raid was conducted on Wednesday night.

The Joint Investigation Team (JIT) has implicated chairman of Securities & Exchange Commission of Pakistan (SECP) in ‘illegal’ takeover of banks and their merger with the Summit Bank on behalf of former president Asif Ali Zardari.

The FIA team remained in the SECP office till late night on Wednesday and took important records into custody.

The SECP chairman Tahir Mahmood has already left Pakistan on December 21, 2018 from Islamabad Airport on flight EY-613 on 3-month Dubai visa expiring on February 18, 2019.

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The 128-page JIT report submitted with the apex court states, “The officer, (Tahir Mahmood, then Executive Director Enforcement, presently acting SECP chairman) misinterpreted and misapplied the relevant law and committed an act of deliberate omission causing loss of Rs830 million to the general public.

In return of this favour, the report says, Tahir was awarded prized position as a commissioner in the regulatory body. It is worth mentioning here that SECP commissioner is a prized position with average monthly salary including bonuses of Rs2.5 million.

The report says M/s Suroor Investment Ltd acquired 59 percent shares each from majority shareholders of Atlas Bank (Atlas Group) and Arif Habib Bank Ltd (Arif Habib Group), renamed it Summit Bank, and subsequently Summit Bank purchased 59 percent shares of Mybank (under novation agreement discussed above during 2009/10). After the acquisition of majority shares, these banks were merged with the Summit Bank.