An accountability court awarded on Thursday a seven-year jail term to Sadruddin Ganji and imposed a fine of one million rupees. He was booked and tried on charges of fraud with a bank.
According to the prosecution, Ganji, in his capacity as chief executive, obtained a loan of 1,250 million rupees from Allied Bank of Pakistan in 1992 in the name of West Pakistan Tank Terminal Private Limited.
As he defaulted, the palm oil imported and available with his firm was mortgaged with the bank. Later he sold the mortgaged property without informing the bank.
A reference (12/2007) was sent against Ganji by the National Accountability Bureau and he was tried on charges of fraud along with his son Hashim Ghanchi, a director of the defaulting company, who is still absconding in the case.
Announcing the verdict on Thursday, Judge Kausar Ali Shah Bokhari of ACC III declared him guilty of the alleged offence and sentenced him to serve rigorous imprisonment for seven years. He was also fined one million rupees and in case of default was ordered to serve one more year in prison.
The court also ordered the confiscation of property owned by the convicted accused and its sale to recover the defrauded amount.
Published in The Express Tribune, February 4th, 2012.
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