Earlier, Moonis Elahi's counsel SM Zafar told the court that all the allegations against his client were baseless and Federal Investigation Agency (FIA) had not any proof in this regard.
However, Additional Director General FIA, Zafar Quershi told the court that FIA had evidence and witnesses against the accused.
He said that Rs 320 million were transferred from NICL to bogus accounts and during the investigation it was discovered that the said amount was later transferred to Moonis. He said that investigation has been completed and in order to recover the amount it was now necessary to arrest Moonis.
The Ad DG FIA requested the court to cancel the interim bail earlier granted to the accused.
After hearing the arguments, the bench comprises Chief Justice Ijaz Ahmad Chaudhry and Justice Ijaz ul Ahsan rejected the bail petition of Moonis Elahi.
However, Moonis was not arrested and he left the court premises along with his party supporters.
Talking to Media on the occasion, Moonis Elahi rejected all the allegations and claimed that he would confront all the cases filed against him.
He said that a conspiracy was being hatched against him. Earlier, the court had granted interim bail to the PML-Q leader in National Insurance Corporation Limited scam till March 17 subject to furnishing of surety bond of Rs 10 million.
The bench granted interim bail on a plea moved by Moonis Elahi through his Counsel SM Zafar against the impugned orders of Judge Special Court Banking for his arrest in NICL scam.
Through petition Moonis Elahi contended that a case was registered on October 12, 2010, under section 409, 420 and 468 of PPC against Mohsin Habib Warriach by the Federal Investigation Agency on statement of then Secretary Commerce Zafar Mehmood relating to purchase of land by NICL at Mouza Toor Warriach.
He submitted that according to the case management, the NICL had paid price to the selling party without getting the land mutated in its favour.
Moonis submitted that after the commencement of investigation, the land comprising 803 kanals was returned to the seller who deposited entire sale price of Rs 1,686,300,000.
He submitted that during investigation it was inspired that Rs 200 million had been transferred from the account of Mohsin Habib Warriach where upon two cases were also registered against Muhammad Maalik, Manager Al-tahur (PVT) LTD.
Moonis alleged that Additional Director General (ADG) FIA Zafar Ahmed had an enmity with his family and to give vent to his malice, the ADG created a fake evidence to implicate him in said two cases.
Moonis submitted that he answered questionnaire received from the FIA before going abroad and informed to concerned investigating officer regarding his arrival through a counsel when he was summoned to appear before the investigation team in said matter.
He submitted that FIA managed to get his arrest warrant and proclamation in said matter against law which was later declared illegal by an additional district and session’s judge.
Moonis submitted that after his arrival, he appeared before the investigating officer to record his statement which was denied.
He further submitted that FIA filed incomplete Challan in the said case before Judge Special Court Banking who opted to issue his arrest warrants on February 26.
He prayed the court to set-aside the arrest warrants issued by the judge special court.