The development holds significance given the country's Prime Minister Imran Khan has vowed to build a"New Pakistan". Sharif is currently facing accusations of massive corruption in half a dozen cases.
On Friday, Pakistan's anti-corruption body, the National Accountability Bureau (NAB), took Sharif into 14-day physical remand in connection with the Chaudhry Sugar Mills (CSM) case, after a local court in Lahore ordered the NAB to present Nawaz on 25 October.
The anti-graft body has alleged that the Nawaz family laundered vast amounts of funds under the garb of sales and purchases of Chaudhry Sugar Mills Ltd shares.
As per the local media, NAB prosecutor Hafiz Asadullah Awan alleged in the court, that the mill received Rs. 55.5 million from an unknown foreign bank account in 1992.
The anti-corruption watchdog added Sharif and his family members were the largest stakeholders of the mill at the time when foreign money was transferred to the account.
Nawaz's counsellor denied all the charges, claiming he had no role in the formation of the sugar mill (CSM). "There is no justification for another investigation; this is a fake case."
Chaudhry Sugar Mills has been on NAB's radar as the result of sizeable suspicious business transactions with foreigners worth billions of Pakistani rupees between 2001 and 2017.
In 2017, when the Panama Papers were leaked, Sharif, his three children and his son-in-law were accused of acquiring Avenfield flats in London by siphoning off public money. The combined value of the four flats is around $9 million.
In December 2018, an anti-corruption court in Islamabad sentenced Sharif to a seven-year term for investments beyond his declared assets. Nawaz Sharif is the only Pakistani to be elected prime minister thrice and the chief minister of the largest province twice.
Earlier this week, Pakistan Prime Minister Khan said he wanted to put 500 corrupt people in Pakistan behind bars just like Chinese President Xi Jinping did.
"President Xi waged one of the biggest crusades against corruption, and I want to do the same, but unfortunately our system is too cumbersome to handle it," the Prime Minister stated in his address at the China Council for Promotion of International Trade (CCPIT) in Beijing.
Imran Khan's visionary document the "New Pakistan" promised to end the corrupt and decaying system to build a "New Pakistan" on the foundations of Justice and Equality. "The legacy of misrule and misery by the corrupt, inept elite will be relegated to the dustbin of history," Imran Khan had said on a number of occasions.
