ORDER SHEET

IN THE HIGH COURT OF SINDH, KARACHI

C.P.No.D-4894 of 2014

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Order with signature of Judge

For hearing of main case

02.11.2015

Khwaja Naveed Ahmed, advocate for the petitioner

Mr.Muhammad Altaf, ADPG, NAB

I.O., of the case Muhammad Nasir Shehzad, is also present

………

The petitioner has filed this petition for post-arrest bail in Supplementary Reference No.61/2013. In Para-5 it is stated that NAB received a Suspicious Transaction Report through Letter dated 07.11.2013. The STR was pertaining to huge transactions in bank accounts of Nationwala Financial Services Company, through CEO, Syed Zahid Ali and his agents in MCB, Sakhi Hassan Branch, Karachi. It is further stated that accused persons defrauded the general public through illegal banking as they offered high rate of return/profit on their deposits but eventually they collected huge amount and fled away. It is also an allegation against present petitioner that he cheated the general public by luring them for profit on their investments/ deposits @ 5% per month. At least 155 victims have deposited huge amount of Rs.147,917,399/- with accused persons who approached to the FIA and NAB and lodged their claims/complaints.

Learned counsel for the petitioner argued that since 2013, this reference is pending and only five (05) witnesses have been examined while under the NAB law, the case has to proceed on day-to-day basis and dispose of within 30 days. He further argued that for the purpose of bail, the petitioner agrees to furnish tangible security in the sum of Rs.15 crores (rupees fifteen crores only) with the Nazir of this court in addition to surety amount. He further argued that the trial is pending in the court and investigation has already been completed, no useful purpose would be served to retain the petitioner behind the bars. He further argued that if the petitioner is released on bail, he would be in a better position to examine and satisfy the claims of all aggrieved investors.

Learned ADPG, NAB and Investigation Officer, both, have no objection to the grant of bail to the petitioner subject to furnishing tangible security in the sum of Rs.15 crores with Nazir of this court in addition to surety amount. They further submit that while accepting tangible security by Nazir of this court, the NAB/I.O., may be given ample opportunity to verify the security offered to furnish before its acceptance by the Nazir.

Heard the arguments. The charge was framed on 06.09.2014. This is a matter of fact that matter is pending since 2013 and only 05 witnesses have been examined while according to I.O., 145 witnesses are to be examined more in this case and pace of trial do show that it will take considerable time to conclude the trial. It is well settled that bail cannot be withheld as punishment. The basic idea to enable the accused to answer the criminal prosecution against him rather than to rot him behind the bar. Accused is entitled to expeditious access to justice which includes a right to fair and expeditious trial without any unreasonable delay.

Keeping in view the no objection of learned ADPG NAB and I.O., of the case, the petitioner is granted bail in aforesaid Reference subject to furnishing solvent surety in the sum of Rs.500,000/- (Rupees Five Lac only) with P.R bond in the like amount to the satisfaction of Nazir of this court and in addition to solvent surety, the petitioner shall also furnish tangible security in the sum of Rs.15,00,00,000/- (Rupees Fifteen Crores only) to the satisfaction of Nazir of this court.

Before accepting the security, Nazir shall also issue notice to ADPG NAB and I.O., for verification purpose of security offered by the petitioner. The petitioner shall also deposit his original valid passport and shall not leave the country without permission of the trial court. The NAB authority may also approach the competent authority for placing the name of petitioner on ECL.

The petition is disposed of in the above terms.

J U D G E