The accused, who served as director on EOBI’s investment board, was arrested in Karachi as he was heading to court to apply for bail.
KARACHI:
The Federal Investigation Agency (FIA) arrested former caretaker minister in Sindh, Iqbal Dawood Pakwala, on Monday over alleged involvement in a multibillion scam with the Employees Old Age Benefits Institution (EOBI) as the Sindh High Court (SHC) dismissed his application for a pre-arrest bail.
The accused, who served as director on EOBI’s investment board, was arrested in Karachi as he was heading to court to apply for bail.
“Pakwala is among four prime suspects,” said Javed Akbar Riaz, an FIA official who is heading the investigation team constituted to probe the EOBI scam.
The SHC dismissed interim protective pre-arrest bail earlier granted to Dawood in the scam case.
Dawood is listed as accused among other officials of the institution who are facing a probe on SC orders.
On Monday, Muhammad Iqbal Dawood approached the high court for confirmation of interim protective pre-arrest bail which was granted to him last week. His lawyer, Wazir Khoso, told the judges that his client was granted protective bail that expired on July 6, but could not get the same confirmed.
Following a suo motu notice of the Rs40 billion scam in the EOBI, Chief Justice Iftikhar Muhammad Chaudhry directed the FIA to conduct an inquiry into the misappropriation, after which province level investigative teams were constituted.
According to the media reports, the EOBI officials made huge investments in housing schemes and purchased vehicles and plots in different cities. These purchases were made without the approval of the institution’s board of directors, thus public money was misused.
Earlier, the FIA arrested the DG investment, Wahid Khursheed Qamar, while two more are to be arrested.
No jail switch
Meanwhile, a district and sessions court dismissed on Monday the application of the director general investment of EOBI, Wahid Khursheed, and the former director IB for a better class jail.
Faraz Khan, Naeem Sahoutra and Rizwan Shahzad contributed to this report
Published in The Express Tribune, July 9th, 2013.
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How can the High Court grant bail in a case initiated by the supreme court.