EOBI scam: Remand of AKD officials extended till Monday

The officials were arrested for their involvement in multi-billion-rupee embezzlement

KARACHI: A judicial magistrate extended on Saturday the physical remand of three officials of AKD Securities to the Federal Investigation Agency (FIA) in a graft case till Monday.

The agency had arrested AKD Securities' chief executive officer Farid Alam, Equities head and director Tariq Adam Ghumra, director Muhammad Iqbal on January 4. The employees are allegedly involved in a multi-billion-rupee scam in sale of shares to Employees Old-Age Benefit Institution (EOBI).

District East's judicial magistrate, Sobia Aftab, extended remand on the request of the FIA investigators till Monday. The investigators were directed to produce the accused on the next date of hearing, when the record relating to the scam should also be submitted in the court.

The investigators alleged that on the basis of a research report, published by AKD Securities in 2010, the suspects with their 20 absconding accomplices, had motivated the EOBI to invest Rs350 million in a textile company from the public money.



EOBI ex-chairperson Zafar Iqbal Gondal has also been listed as one of the absconders in the case which caused around Rs290 million losses to the exchequer.

Published in The Express Tribune, January 10^th, 2016.