EOBI scam: AKD Securities' officials sent to jail custody

Judicial magistrate sends officials to jail on five-day judicial remand

KARACHI: A judicial magistrate sent on Tuesday three officials of AKD Securities to jail custody for five days in a case pertaining to a multi-billion-rupee scam in sale of shares to Employees Old-Age Benefit Institution (EOBI).

The magistrate remanded the officials for five days in jail custody. The Federal Investigation Agency (FIA) arrested chief executive officer Farid Alam, Equities head and director Tariq Adam Ghumra, director Muhammad Iqbal on January 4 for their alleged involvement in the EOBI scam.



On Saturday 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.