SHC grants bail to banker in TDAP corruption case

The Sindh High Court (SHC) has granted post-arrest bail to a former banker of the National Bank of Pakistan (NBP) in multi-billion corruption cases involving the Trade Development Authority of Pakistan (TDAP).

The suspect, Najamul Haq, was arrested among others by the Federal investigation Agency (FIA) under the Anti-Money Laundering and Prevention of Corruption Act.

The FIA had registered cases against TDAP, exporters, auditors, bankers and others, including former prime minister Yousuf Raza Gilani, in the TDAP scam pertaining to embezzlement of export development funds and causing a loss to the national exchequer through bogus export claims on freight subsidies.

According to the prosecution, Gilani, the late commerce minister Makhdoom Amin Fahim, some senior officials of TDAP, some exporters and bank officials embezzled export development funds and caused a loss to the national exchequer through financial irregularities and bogus export claims on freight subsidies approved by the former Pakistan Peoples Party’s federal government for exporters.

The applicant’s counsel submitted that the applicant was a retired employee of the NBP who was earlier granted bail but his bail was cancelled due to non-furnishing of outstanding amount against TDAP within stipulated time.

He submitted that the FIA had frozen the applicant’s bank accounts and TDAP liability could have been satisfied if the bank accounts are restored. The high court, after hearing the arguments of the counsel, directed the investigation officer to communicate a letter to the NBP with regard to defreezing the bank accounts of the applicant to enable him to submit a pay order of Rs 1.1 million against TDAP which shall be deposited in the trial court within 15 days and handed over to TDAP after proper verification and identification.

The SHC also granted the applicant bail against a surety of Rs100,000, directing him to submit the remaining outstanding amount against TDAP within four months. The high court also directed the applicant to surrender his passport before the trial court so that he could not leave the country without the permission of the trial court. The SHC also made it clear that if the applicant was acquitted of charges by the trial court, the FIA shall recover the amount from TDAP and pay it to the applicant.