A division bench of Lahore High Court (LHC) reserved its verdict in the bail plea of Zarco Exchange Company Chief Executive, Lakht-e-Hasnain, allegedly involved in illegal hawala business. Earlier, counsel of Lakht-e-Hasnain, Barrister Syed Ali Zafar submitted that Zarco Exchange Company had brought in Rs 1.3 trillion into the country between 2004 and 2009.
He said that all remittances sent out of the country by the company were sent through legal banking channels and they were sent in full compliance with all rules, regulations and directives of the State Bank of Pakistan. He stated that the funds sent out of the country by the company were much less than the maximum limit the State Bank had prescribed.
Ali also contended that all transactions of the company were reported to State Bank. With regard to the allegation of siphoning off public funds, the counsel presented audited accounts of the company which showed that all funds were disbursed out of the company profits and not public money, and therefore Hasnain was within his right to disburse the money.
Lastly, Ali argued that Hasnain had willingly come into the country after he had been informed of the FIA investigation, and he brought in almost Rs 40 millions in order to settle outstanding liabilities of the company, which spoke volumes of his good intentions and showed that he would not abscond. The Bench after hearing all the parties at length reserved its verdict.
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