NAB begins probe into allegation Nawaz sent $4.9bn to India

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The World Bank, however, has denied as "incorrect" media reports in Pakistan that Sharif allegedly laundered $4.9 billion to India.

The World Bank's Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said.

According to the article, the World Bank's Remittances and Migration Report of 2016 clearly says said that Pakistan sent remittances worth USD4.9 billion to India, with the help of Nawaz Sharif, ex-finance minister Ishaq Dar, ex-governor of State Bank of Pakistan (SBP) Ashraf Mehmood and former deputy governor of SBP Saeed Ahmed - through money laundering.

However, the details of the media report based on which NAB ordered inquiry, are not jotted in the statement.

The prime minister while addressing the National Assembly alleged that the institution [NAB] has overstepped its domain.

According to the media report, this incident is mentioned in the World Bank's Migration and Remittance Book 2016, the release said.

The NAB's press release further went on to add that "The foreign exchange reserves of India were increased by $4.9 billion by receiving such huge amount sent through money laundering, inflicting losses to Pakistan's national kitty as per media report".

The Pakistan SC had, on July 28 a year ago, disqualified Sharif from holding the office of the prime minister and had asked the NAB to file references against the Sharif family in connection with corruption cases against them.

He said these are very serious allegations which have brought bad name to the country. He said that the accountability watchdog is committed to its policy of seeing the "case" not the "face", and "accountability for all".

Nawaz Sharif, 68, is facing three corruption cases in the accountability court following the Supreme Court's verdict in the Panama Papers case. Dastgir demanded a probe against NAB's internal workings and processes of determining investigations such as this one.

"We don't expect justice from the court".

Defence Minister Khurram Dastgir also slammed the actions of the NAB in the National Assembly.

He regretted that the political parties failed to make the NAB such an institution which fulfills the requirements of justice and play its due role against corruption. If convicted, Sharif could face jail time.

Earlier, Punjab Chief Minister Shehbaz Sharif said the NAB probe against his brother, Nawaz Sharif should be investigated to determine who is behind the move.

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