Karachi: Hakim acquitted in fraud case
KARACHI: The judge of a special banking court, Ghulam Hussain Mallah, on Friday acquitted Hakim Ali Zardari in a fraud case. The judge announced his verdict after recording final arguments on an acquittal application from both sides.
Hakim Ali Zardari, father of the co-chairman of the Pakistan People’s Party, Asif Ali Zardari, through his counsel, Haider Sudrani, had moved an application under Section 249–A of the Criminal Procedure Code (power of a magistrate to acquit the accused at any stage) for the cancellation of charges against him.
Mr Sudrani argued that the case did not fall under the jurisdiction of a banking court since the complainant in the case was neither a bank nor any insurance company but was registered by the Federal Investigation Agency. He said that it was a civil case and its nature was decided by the high court.
He further submitted that his client was implicated in the case as the prosecution had also failed to provide any evidence or witness against his client in the last nine years. He pleaded for the acquittal of Hakim Ali Zardari. However, the public prosecutor opposed the acquittal plea.
According to the verdict, the court after examining the prosecution papers found no evidence which may connect Hakim Ali Zardari with the alleged offence. “Since there was no probability of conviction”, the court allowed the application and acquitted Mr Zardari under Section 249-A of CrPC in the case.
The prosecution said that Hakim Ali Zardari had allegedly sold out shares of Eastern Insurance Company in 1997 and through an application told the company that the shares had been stolen and asked it to issue duplicate shares. The company had issued duplicate shares to him. However, after an inquiry the FIA registered a case (FIR No 697) under Sections 420, 409 and 406 of the Pakistan Penal Code against him and alleged that Hakim Ali Zardari had sold out the shares in the market and had cheated the insurance company.