The Sindh High Court (SHC) on Friday dismissed the bail pleas of three office-bearers of Aqeel Kareem Dhedi (AKD) Securities over embezzlement charges.
AKD Securities’ CEO Fareed Alam and two directors, Muhammad Iqbal and Tariq, who are currently in custody of Federal Investigation Agency, approached the court through their counsel to get the bails. The SHC bench rejected the bail pleas after hearing the arguments from FIA and petitioner’s counsel.
According to the FIA, the accused were involved in misappropriating around Rs 290 million, causing great loss to national exchequer through EOBI shares. Earlier, the applicants had 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 nominated in the case but the investigators were targeting their company only.
The AKD official requested the court to grant them bails as, according to them, they had 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.
