AKD Securities case: SHC seeks FIA comments on bail applications

KARACHI:

The Sindh High Court (SHC) directed Federal Investigation Agency (FIA) on Thursday to file comments on bail applications filed by the AKD Securities chief executive officer and two others in a multi-billion pensions scam.

Headed by Justice Muhammad Farooq Shah, the bench asked the FIA to file its comments by February 4.

AKD Securities’ CEO Farid Alam, Director and Head of Equities Tariq Adam Ghumra and Director Muhammad Iqbal have filed bail application in the SHC after being refused by the trial court.

FIA officials had detained the AKD top executives on January 4, for their alleged involvement in a scam relating to the sale of shares to the Employees Old-Age Benefits Institution (EOBI). Since then, they are in FIA custody for questioning.

Published in The Express Tribune, January 29^th, 2016.