The Federal Investigation Agency has served a legal notice to the MCB Bank Limited, advising the bank to cooperate with the FIA investigation over a case of organised mega money laundering case while accusing that the Directors of Ramzan Sugar Mill Limited and the Shahbaz Sharif family were the main beneficiaries of these ‘secret transactions’. In a legal notice served – under section 25 Anti-Money Laundering Act 2010 R/W Section 201 PPC ETC – to the Chairman MCB Bank Ltd. Mian Muhammad Mansha and President MCB Bank Ltd. Imran Maqbool, In the legal notice, a copy of which is available with the correspondent.pk, FIA Punjab said that the investigation pursuant to the Sugar Inquiry Commission’s Report 2020 has so far detected the money laundering of about Rs 25 billion that was “placed and layered through fictitious ID bank accounts opened and operated in the name of peons and several low-wage employees of Ramzan Sugar Mills” between 2008 and 2018 to conceal these transactions from sources extraneous to sugar business. The notice, “It is understood that the opening and operations of bank accounts linked to any business owned by PEP (Politically Exposed Person) family requires enhanced due diligence as per SBP’s (State...