AKD officials bail pleas: SHC seek FIA comments

KARACHI: The Sindh High Court (SHC) on Thursday sought comments from Federal Investigation Agency (FIA) on the bail applications of two office-bearer of Aqeel Kareem Dhedi (AKD) Securities.

AKD Securities’ CEO Fareed Alam and two directors- Mohammad Iqbal and Tariq- approached the court through their counsel to obtain the bail.

SHC Judge, Justice Syed Mohammad Farooq Shah, heard the bail pleas and issued notices to FIA directing them to make sure the submission of their comments on 28th January.

The applicants submitted that the case was established against them just on the basis of re-search report. They submitted that besides AKD Securities, there were other nominated companies, but the investigators are targeting their company only.

AKD official requested the court to grant them a bail as they had nothing to do with the embezzlement or corruption.

The accused are facing charges of misappropriation of around Rs 290 million, causing great loss to national exchequer through EOBI shares. The applicants are currently in FIA’s custody and earlier Federal Anti-Corruption Court had rejected their bail pleas.