The Sindh High Court (SHC) on Wednesday adjourned the hearing of bail pleas filed by three office-bearers of Aqeel Kareem Dhedi (AKD) Securities after the Federal Investigation Agency (FIA) sought more time.
AKD Securities’ CEO Fareed Alam and two directors – Muhammad Iqbal and Tariq- approached the court through their counsel to obtain bail.
The accused are facing charges of misappropriation of around Rs 290 million, causing great loss to the national exchequer through EOBI shares. The applicants are currently in the custody of Federal Investigation Agency (FIA).
In Wednesday’s hearing, the special prosecutor of FIA requested the court to allow him time, which was opposed by the applicants’ counsel. The applicants’ counsel stated that the hearing of pleas had already been adjourned many times; therefore it should not be adjourned for long.
SHC bench while accepting FIA’s request adjourned the hearing till February 12.
Earlier, the applicants submitted that the case was established against them just on the basis of a research report. They submitted that besides AKD Securities, there were other companies also nominated but the investigators are targeting their company only.
AKD’s official requested the court to grant them bail as according to them they have nothing to do with the embezzlement or corruption.
It is pertinent to mention here that Federal Anti-Corruption Court had already rejected their bail pleas
