ISLAMABAD: Three key suspects in the fake bank accounts and money laundering case have rejected the findings of the Joint Investigation Team (JIT) that investigated the alleged scam.

In their rejoinders submitted to the Supreme Court on Saturday in the case, Zain Malik of Bahria Town and Anwar Majeed and Abdul Ghani Majeed of Omni Group termed the JIT’s report “flawed”.

Mr Malik said the JIT had “misread and misconceived” the documents provided to it by Bahria Town. In its report the JIT had claimed that the son-in-law of property tycoon Malik Riaz maintained the Bahria Town’s accounts through which about Rs10.2 billion was allegedly laundered.

Mr Malik, however, said in his rejoinder that in 2011 Bahria Town entered into a joint venture with the Zardari Group, which owned a plot of land measuring 6,813.74 square yards in Karachi’s “prime commercial area” that was “ideal for development as a building project which would include hotels, shops, offices and residential flats”.

The reply refuted claims that Bahria Town had given Rs1.2bn to the Zardari Group in kickbacks. It explained that the value of the plot had been calculated at Rs3.4bn.

It said Bahria Town had incurred huge expenses on regularising and commercialising the land and had also paid Rs500 million to the Zardari Group and that under the terms of the joint venture agreement the contribution of the group was limited to Rs2.8bn.

It said that at the request of the Zardari Group subsequent payments were made, bringing the total amount to Rs1.22bn. The original investment of the group was thus scaled down to about Rs2.1bn.

This means that when the project would finally be ready, the amount payable as per agreement to the Zardari Group would not be Rs3.4bn but only Rs2.1bn.

The rejoinder said the JIT had misread the terms of the agreement and considered the amount of Rs1.22bn as an “undue favour to the Zardari Group”.

It pointed out that the joint venture agreement was signed on Oct 15, 2011, that is much before Bahria Town launched its housing project in Karachi, in 2014. “The attempt of JIT to link this payment to Zardari Group with the consolidation of land done by MDA is misconceived, unreasonable and unjust exercise of power,” it read.

The rejoinder also rejected as “pure assumption” the JIT’s claim that Mr Dinshaw was a front man of former president Asif Ali Zardari. Galaxy Construction (Pvt) Limited and Mr Dinshaw owned the property much before Mr Zardari appeared on the scene.

It said that Mr Zardari became a political entity after his marriage with Benazir Bhutto in 1987, while Galaxy Construction was owner of the property years before that event.

Furthermore, it rejected the JIT’s allegation that Bahria Icon Tower was built on controversial land and encroached upon a large portion of the Bin Qasim Park.

The rejoinder said the JIT report was defective and based on conjectures to the extent of Bahria Town and Zain Malik and sought to delete the adverse findings from the report in the interest of justice.

Omni Group

Anwar and Abdul Ghani Majeed, meanwhile, said the JIT did not include in its report the records it was provided. It also did not mention the names of the 924 people whose statements were recorded.

They said the JIT report merely made allegation but did not include the material and documents supporting the allegations.

The reply said the JIT had no “basis” to recommend that the case should be sent to the National Accountability Bureau for investigation.

“It is submitted with utmost respect that any stamp of approval given by this august court to the JIT report in the manner sought by JIT would be violative of inter alia the applicants’ guaranteed fundamental right under Article 10-A of the Constitution,” it said.

The rejoinder urged the apex court to reject the JIT report.

Published in Dawn, December 30th, 2018