Rs5,200 million fraud: SHC order placing of names of accused on ECL

Six officials of EBI, private bank misguided trial court to secure acquittal.

KARACHI: A division bench of Sindh High Court on Wednesday ordered that the names of six former officials of the Employees Old Benefit Institution (EOBI) and a commercial bank, allegedly involved in a financial scam worth 5,200 million rupees, be placed on the Exit Control List.

These orders came after the bench comprising Justice Maqbool Baqar and Justice Muhammad Shafi Siddiqui admitted a criminal revision appeal against a judgment of an accountability court acquitting the six accused.

Earlier Sarfraz Maitlo advocate, counsel for EOBI, told the bench that accused Barkatullah Shaikh, former chairman EOBI, Tahir Siddiqi , Tariq Siddiqi and Rasheedullah Yaqboob of  Prudential Commercial Bank and Ahmed Waheed of Bank of Ceylon in connivance with each other misappropriated rupees 5,200 million, out of rupees 200 billion kept as “’liquid cash’ for some dubious purchases. They also entered into under value sale of ‘federal investment bonds’ and caused a loss of rupees 14.5 million to the EOBI.

The accused misguided a the accountability court  maintaining that they have paid the money back to EOBI in another reference by National Accountability Bureau and were acquitted by the accountability court.

The counsel for EOBI, arguing the criminal revision application, maintained that accused defrauded the trial court and NAB which was aware of the facts turned it face enabling them to go scot free.

This was all done at the back of EOBI which was a necessary party into these proceedings, the counsel submitted.

The bench after hearing the arguments of counsel for EOBI ordered issuance of notices to NAB, State and accused for August 6. The bench also ordered Ministry of Interior to ensure that accused shall not leave the country without permission of the court.

Published in The Express Tribune, May 10^th, 2012.