The Supreme Court has directed National Accountability Bureau (NAB) to initiate separate case against Javed Iqbal Qureshi of Islamic Investment Bank Limited (IIBL) for committing fraud by submitting a cheque of Rs 50 million to the highest court. The cheque was dishonoured by the Muslim Commercial Bank Limited even after it was submitted to the bank repeatedly.
According to Supreme Court of Pakistan, Javed Iqbal Qureshi, Chief Operating Officer (COO) of IIBL and ex-registrar of the apex court M. A. Farooqui were arrested in Islamic Investment Bank Limited (IIBL) financial scam involving more than Rs 600 million on June 2 last.
Persons accused of this financial scam were arrested and handed over to NAB for further investigation by the bureau. M.A. Farooqui and five others are in custody of NAB nowadays on physical remand, ordered by accountability court Rawalpindi, for ten days. Former registrar of the Supreme Court, M.A. Farooqui deposited an amount of Rs 493 million in Islamic Investment Bank Limited (IIBL).
According to the inquiry report prepared by Justice Iftikhar Muhammad Chaudhry (who has been elevated as Chief Justice of Pakistan) this unprecedented scam of financial indiscipline is the result of sheer criminal intent of M.A. Farooqui, former registrar, who did it with ulterior motives for extraordinary considerations known to him (Farooqui) alone.
According to the case, former registrar invested the amount of security received from central board of revenue (CBR) in question in the Islamic Investment Bank Limited without ascertaining its credibility or ensuring security of the deposit. The security was received in Fecto Belarus Tractors case regarding sales tax and custom duty for importing tractors.
On May 11 the Supreme Court announced its judgement in the case, ordering the registrar to return the security deposit of CBR along with mark up, with the total amount standing at more than Rs 600 million.
When the CBR approached the registrar's office for the return of security, it was found that IIBL was not in a position to pay the amount because of being bankrupt
It was also brought to the notice of the Chief Justice that the former registrar, while in service, had deposited the security in IIBL in violation of clear instructions of the finance ministry, which had specified scheduled banks for depositing securities.
Through judicial orders passed by the Chief Justice, the Supreme Court also directed NAB to take stern action against all persons accused of involvement in this fraud case.
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