ISLAMABAD: Federal Investigation Agency (FIA) has decided it will not arrest former president Asif Ali Zardari and his sister Faryal Talpur  in connection with ongoing investigations of a multi-billion money laundering scam.

The decision came hours after it issued notices to the former president and his sister in connection with an inquiry launched into the alleged money laundering scam involving fake bank accounts.

The notices were issued by FIA Inspector Muhammad Ali Abro, asking them to appear before FIA's State Bank Circle on July 11.

According to FIA officials, the agency will first examine their response before proceeding against the PPP leaders as per the law.

The officials maintain that action will also be taken against top bank executives if the duo was found guilty.

More than 30 people are being investigated for laundering billions of rupees through fictitious bank accounts.

The Supreme Court has also summoned Zardari and Ms Talpur on July 12.

The FIA inquiry started when the financial monitoring unit of the State Bank of Pakistan generated a 'suspicious transaction report' in January this year regarding 10 bank accounts.

Sources maintain that over 20 ‘benami’ accounts in a private bank were opened in 2013, 2014 and 2015 from where transactions worth billions of rupees were made.

The amount according to FIA sources is said to be black money gathered from various kickbacks, commissions and bribes. But despite these huge transactions, the bank authorities never reported them to the authorities concerned, including the FIA.

Meanwhile, PPP leadership has decided that Zardari and Faryal will not appear before the FIA officials.

Farooq Naek will represent the two in the inquiry.