Islamabad: SC adjourns hearing into Rs 400m scam
ISLAMABAD: A full bench of the Supreme Court on Tuesday put off hearing on the bail applications filed by Nadeem Anwar and Javed Iqbal Qureshi, who were accused of misusing Rs 400 million deposited with the Islamic Investment Bank Limited (IIBL), after accepting the request of one of the applicant’s counsel.
A three-member bench comprising Justice Muhammad Nawaz Abbasi, Justice Muhammad Qaim Jan Khan and Justice Zawwar Hussain Jaffery adjourned the hearing sine die.
Former Chief Executive and ex-director of IIBL Nadeem Anwar and Javed Iqbal Qureshi respectively were arrested by the National Accountability Bureau (NAB) in June 2005 on a written complaint lodged by the Supreme Court registrar in a fraud case worth over Rs 400 million. They had kept the court money in their personal account instead of submitting it to the IIBL. Senior counsel for the applicants, Waseem Sajjad, told the court that proposals had already been presented to the NAB for ensuring the recovery of the court’s embezzled money and a reply in this regard was still awaited. He requested the court to adjourn the matter for few weeks, which the court accepted.
Meanwhile, the court directed the NAB chairman to submit a written reply on the proposals presented by the accused for recovery of the misappropriated amount. Earlier, Muhammad Ibrahim Satti advocate appeared for one of the co-accused Javed Iqbal Qureshi.
The apex court had received Rs 400 million from the then Central Board of Revenue (CBR), which is now called Federal Board of Revenue, as a guarantee bond in a customs case, which was deposited with the IIBL. Later after the decision of the Supreme Court in the case, in which over Rs 400 million guarantee was furnished, the CBR requested the court to order release of the guaranteed amount. However, after repeated orders of the court, the amount was not released by the bank, as it was not available in the account, instead it had been used by the bank executives.
Later on the orders of then Chief Justice of Pakistan, Justice Nazim Hussain Siddiqui, the then Supreme Court Registrar Muhammad Amin Farooqi lodged a compliant with the NAB. After preliminary investigation, Farooqi was also found guilty.
The complete article can be found at Daily Times.