The National Accountability Bureau (NAB) Tuesday informed the Accountability Court hearing the multibillion rupees fake bank accounts case, involving former president Asif Ali Zardari, that it has recovered land valuing Rs 10.66 billion from seven accused and returned it to Pakistan Steel Mills (PSM).

The NAB Rawalpindi submitted its report before Accountability Court Judge Muhammad Bashir. According to the NAB's report, the Bureau has returned 263 acres of land worth Rs 10.66 billion to the PSM. The seven accused of fake bank accounts case had expressed willingness to return the land under plea bargain, the NAB report said.

As per the NAB's report, accused Hammad Shahid returned 34 acres of land, Abdul Ghani, 37 acres of land, Tariq Baig, 33 acres of land, Muhammad Iqbal, 32 acres of land, Muhammad Yousuf, 37 acres of land, Aamir, 40 acres of land, and Siraj Shahid returned 50 acres of land to the PSM.

Meanwhile, the Accountability Court extended physical remand of a director of Securities and Exchange Commission of Pakistan (SECP) till October 15 in the Park Lane reference filed against Zardari and others.

The NAB officials produced former director SECP Javed Hussain in the court on expiry of his remand term. The NAB prosecutor requested Accountability Court Judge Muhammad Bashir to extend physical remand of the accused as investigators want to conduct further investigation from him.

Objecting to the NAB's request, the defense counsel requested the court to reject the NAB's application.

The court after hearing the arguments of both the defense and prosecution sides remanded the accused into the NAB custody till October 15. The judge also asked the NAB officials to complete investigation from the suspect during this remand as next time he will not extend the physical remand.

The prosecutor told the court that the accused by misusing his authority benefited Zardari. The accused facilitated the resignation of Zardari from two companies in 2009 in back dates.

The prosecutor further argued before the court that the accused was working as registrar ROC Islamabad in 2009 and received the record of Park Lane Company.

It was in the knowledge of the accused that Zardari owned Park Lane Company, he said, adding that the accused had allegedly hidden information from his subordinates.

The same court also extended the judicial remand of Dr Dinshaw Anklesaria, an accountant of Park Lane Estate Company allegedly owned by Zardari, till October 21.

The officials of NAB produced Dr Dinshaw Anklesaria before Accountability Court Judge Muhammad Bashir on expiry of his remand term from Adiala Jail.

The court extended judicial remand of Anklesaria till October 21. Anklesaria is facing charges of obtaining a loan on forged documents. He is also said to be involved in benefiting Park Lane Company through fake bank accounts.

According to the joint investigation team (JIT), Park Lane Estate Company, a Karachi-based firm was incorporated on October 18, 1979. In 1989, Zardari acquired the company along with his 'front man' Iqbal Memon. In 2009, Zardari, Chairman Pakistan Peoples Party Bilawal Bhutto Zardari, Iqbal Memon and others became shareholders of the company.

Copyright Business Recorder, 2019