ORDER SHEET
IN THE HIGH COURT OF SINDH,
KARACHI
Cr.
Bail Application No.405 of 2012
Date
Order with signature of Judge
1. For orders on MA No. 3129/12
2. For hearing.
09.05.2012.
Mr. Mohammad Ashraf Kazi for the applicant.
Mr. Ashique Raza, DAG for the State
-.-.-
The applicant/accused Asif Khudia has through the present
application sought bail in Crime No.5 of 2012 registered at police station FIA,
Corporate Crime Circle, Karachi, for offences under sections 409, 420, 477-A,
109, 34 PPC.
The brief facts of the prosecution case are that the
applicant/accused who is one of the five directors of Eastern Capital Limited,
a brokerage house dealing in securities (“the company”) in connivance with
co-accused namely Munir Muhammad Ladha, Executive Chairman of the Company,
Abdul Samad Ladha, Chief Executive Officer of the Company and one Mudassar
Iftikhar, the Karachi Stock Exchange Limited and four different banks, as
nominated in the FIR, pledged shares of their various clients including the complainant
Aman Aziz Siddiqui with the banks to secure certain finances obtained by the
Company unauthorizedly and illegally and as a consequence of default committed
by the company the nominated banks have sold such pledged shares causing
colossal loss to the complainant and other clients of the Company.
Mr. Mohammad Ashraf Kazi, learned counsel for the
applicant, submits that though the applicant/accused was arrested on 31.3.2012
and has remained in the custody of FIA up to 11.4.2012, absolutely no such material
could be obtained by the I/O which may connect the applicant/accused with the
alleged offence. He submits that none of the witnesses whose 161 Cr.P.C.
statements have been recorded by the I/O
have alleged any personal involvement of the present applicant/accused in the
entire transaction. Learned counsel
submits that although the I/O has seized the eBntire record from the office of
the Company, however, no document has come to fore which may remotely
connect the applicant/accused with the crime. Mr. Kazi further submits that the
present applicant/accused has neither signed nor executed a single document in
respect of the subject transaction and holds merely 0.02% shares in the
Company. He further submits that absolutely no allegation has been made against
the applicant/accused by the complainant throughout. Mr. Kazi submits that the
applicant/accused is absolutely innocent and has been falsely implicated in the
case. He refers to order dated 18.04.2012 passed by this Bench in Criminal Bail
Application No.380 of 2012 where in the similar facts and circumstances a
co-accused namely Syed Muhammad Furqan has been granted bail and requests that
following the principle of consistency the applicant/accused may also be
admitted to bail as he is even otherwise entitled to grant of bail.
Mr. Ashiq Raza, learned DAG appearing for the State,
submits that since in the similar facts and circumstances the co-accused, as
submitted by Mr. Kazi, has already been granted bail, he would not oppose the
bail application.
In the circumstances, the applicant/accused is admitted
to bail subject to his furnishing a surety in the sum of Rs.1,000,000/- (One
Million) and PR bond in the like amount to the satisfaction of the Nazir of
this Court.
JUDGE
JUDGE