MQM leader Altaf Hussain arrested in London for Money Laundering

According to reports, leader of the Muttahida Qaumi Movement (MQM), Altaf Hussain, has been arrested in London today, Tuesday, on charges of money laundering.

According to reports, UK’s consulate in Karachi was shut down temporarily and the London Metropolitan Police confirmed the arrest of a 60-year-old man, but refrained from giving out names due to ‘legal reasons’.

Moreover, it was revealed that the Special Operations unit carried out a search operation at a North-west London property to arrest the individual.

The Prime Minister of Pakistan, Mr. Nawaz Sharif, also made a statement regarding the arrest, calling it extremely sensitive.

Altaf Hussain has been reportedly arrested on account of money laundering worth around 400,000 pounds and it has also been reported that the police was also able to recover 700,000 pounds from his residence.

While MQM leadership denied that Hussain was in custody, the Karachi Stock Exchange (KSE-100 index) went down by 780 points as soon as the news broke.

Altaf Hussain’s bank accounts were already being frozen by the British government and Hussain, who has been in London for over 20 years is now a British citizen.

This development is expected to have immediate effects on the political scenario in Pakistan, especially in Karachi.

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Posted by Hunain Naseer on Jun 3 2014. Filed under Latest News, Politics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.