An accountability court on Tuesday sent three officials of Aqeel Karim Dhedhi (AKD) Securities to jail on 14 day judicial remand in a fraud case.
On January 4, the FIA had arrested the brokerage house officials during a raid on Pakistan Stock Exchange (previously Karachi Stock Exchange) on fraud charges.
The accused include CEO of AKD Securities Fareed Alam and two directors – Tariq Ghumra and Mohammed Iqbal. The FIA produced the accused in the court and requested for extension in remand to complete investigation. The court handed over the accused to FIA on 14-day judicial remand directing the authorities to present challan against the officials in next hearing. The FIA said the accused were involved in multi-million rupee embezzlement in shares of Employees Old-Age Benefit Institution (EOBI) in 2010.
