Karachi: 2 acquitted in $5m scam
KARACHI: A banking court on Wednesday acquitted two men in a fraud case for want of evidence. The then president of the Muslim Commercial Bank, Hussain Lawai, and ARY Group Chairman Haji Abdul Razzaq Yaqoob were accused of misappropriating five million dollars in 1996-7.
Judge of the special banking court Mir Mohammad Sheikh pronounced the verdict after recording evidence of witnesses and final arguments from both sides.
According to the prosecution, Mr Lawai abused his powers as president of the bank and allegedly embezzled the amount and fraudulently transferred it in the accounts of the co-accused in Dubai.
The Federal Investigation Agency had registered separate FIRs against the accused under Sections 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating), 471(using as genuine a forged document), 409 (criminal breach of trust by public servant, or by banker merchant or agent) of the Pakistan Penal Code on a complaint of the bank’s management.