Bank loan fraud case: SHC grants interim bail to former NBP president

KARACHI: Sindh High Court on Monday granted protective interim bail to the former president of the National Bank of Pakistan in a bank loan fraud case.

Syed Ahmed Iqbal Ashraf had approached the court for obtaining pre-arrest interim bail after recalling it from the trial court. NBP and officials of the private petroleum company were booked by the Federal Investigation Agency in fraud, criminal breach of trust and money laundering charges. The FIA alleged that NBP, private petroleum company officials had committed financial fraud in the shape of bank loans and funded and non-funded financial facilities in violation of the banking laws causing wrongful loss to the national exchequer and gain to the petroleum company.

Applicant counsel Mohsin Qadir Shahwani submitted that the pre-arrest bail of the applicant was dismissed by the special court (offences in banks) at Karachi without appreciating material available on record against the applicant without looking into the nature of the allegation against him which does not even make out the prima facie case against him.

SHC’s division bench headed by Justice Mohammad Iqbal Kalhoro without touching the merits of the case granted interim pre-arrest bail to his furnishing a solvent surety in the sum of Rs. 5,00,000. The court also issued notice to the deputy attorney general for March 15 for confirmation or otherwise. The court directed the petitioner to appear before the trial court to face the trial.