Ishaq Dar's billions of rupees new investments revealed by UAE MLA
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ISLAMABAD: Finance Minister Ishaq Dar may get into serious troubles as billions of rupees new investments have been revealed in his name abroad.
He has invested billions of rupees abroad in recent years, a key factor that would determine his fate in an ongoing graft case being heard by the Islamabad accountability court, Geo News has reported.
Dar made the investment during his private adventures in the United Arab Emirates (UAE), raising doubts about the legitimacy of this huge sum of money, revealed a fresh investigation report prepared by the National Accountability Bureau (NAB).
“The accused [Mr Dar] acquired number of assets abroad [UAE] in his own name and in the name of family members—made investments in certain companies and earned profits on those investments—the accused is yet to establish the legitimacy of amounts invested in these companies,” revealed a 14-page interim investigation report.
The corruption watchdog, under the Mutual Legal Assistance (MLA) laws, sought the assistance of the UAE's Department of International Cooperation working under the ministry of Justice to approach the concerned quarters in order to obtain ownership/registration record of several bank accounts, companies, properties and investments for the logical conclusion of fresh investigation.
A combined investigation team remains in UAE to probe the source of investing $1, 250 in Baraq Holding Ltd, Dubai, $1, 250 in Dar Al-Nahayan Pvt. Ltd, UAE, 5.5 million Pounds in Baraq Holdings, UAE, Ltd, AED101 million in Flat No E-144 Hajvery Villa, Emirates Hill, Dubai, AED898,000 in Apartment No 3204, Palm Jumairah Beach, UAE, AED5,800,001 in Bentlay Amage (F-6373) and AED3,200,001 in Mercedes, IF-26381.
Investigators are also probing source of investments by Dar in HOS Tower, Dubai, UAE, giving loans worth 4.9 million Pounds to his sons Ali Mustafa Dar and Mujtaba Husnain Dar, putting a huge sum of amount (yet to be determined) in First Gulf Bank UAE (having lqama No1935900) and Bank Account of Dubai Islamic Bank UAE (having lqama No1935900).
“The trail of investments in these companies and accusations of assets through MLA is under process and would be covered through supplementary report,” revealed the investigation report submitted before the trial court.
The NAB team also requested the government of UAE to “interview of Sheikh Nahayan Mabarak, federal minister of the government of UAE as a witness”.
The investigation report further revealed that Dar had assets worth Rs9,112,718 in 1993-94 and it increased to Rs831,678,875 in 2008-09.
During this period, the assets of Dar increased by approximately 91 times as found out by the JIT while his income tax return for 2008-09 showed an income of Rs729,347, whereas his return for 2015-16 shows an income of Rs46,462,272.
