Summary Altaf Hussain was arrested from north-west London residence.
LONDON (Web Desk) – Muttahida Qaumi Movement (MQM) chief Altaf Hussain has been arrested in connection with the money-laundering case, Dunya News reported on Tuesday.
Metropolitan Police of London had started money laundering probe against Altaf Hussain after they recovered some money from his house, whose source could not be ascertained
During the investigation of Imran Farooq murder case the Scotland Yard had found 0.4 million pound sterling from Altaf Husaain s house following which it spread its scope of investigation.
According to Wikipedia, in UK the principal money laundering offences carry a maximum penalty of 14 years imprisonment under Section 334, Proceeds of Crime Act 2002.
Following, the arrest of Altaf Hussain, negative impact was seen in Karachi Stock Exchange as the KSE-100 index dropped by 780 points.
Muttahida Qaumi Movement leaders have started arriving at Nine Zero. According to MQM leader Khwaja Izharul Hassan, the Coordination Committee has called for an emergency meeting to review the situation. MQM Coordination Committee will hold a press conference at 3:00pm today.
On the other hand, security has been put on high alert in Karachi and Hyderabad.
Shops and businesses have started to shut down in Karachi and other cities of Sindh. Markets in Gari Khata, Naya Pul, Latifabad and other areas of Hyderabad were closed.
The British Commission in Karachi has also been temporarily shut down.
Hussain has lived in Britain since the early 1990s, and has said his life could be in danger if he returns to Pakistan.
