KARACHI: Former chief of BEL jailed for seven years
By Our Staff Reporter
KARACHI, Dec 4: An accountability court sentenced on Tuesday Rauf B. Qadri, former chief of the Bankers’ Equity Limited, to a seven-year term for financial fruad.
Judge Dr. Qamaruddin Bohra of AC-1 also imposed a fine of Rs1 million on the former banker, who would have to undergo an additional one-year term in case of default on the payment.
The same court had earlier ordered the release of co-accused Ashfaq Y. Tola, former president of the BEL, after he voluntarily returned Rs1 million.
The case against the two was lodged in 1999 by the Commercial Banking Circle (CBC) of the Federal Investigation Agency (FIA) on a complaint filed by Majeeduddin Khan, chief executive of the BEL.
It was alleged that the BEL had approved a lease finance facility to the tune of Rs14.336 million to the Qaulity Knits (Pvt) Ltd for leasing of machinery for five years, repayable in 20 quaterly installments.
The lease finance facility was extended in violation of company’s policy and rules. However, subsequently the request of Qaulity Knits was approved on Jan 4, 1999, by accused Rauf B. Qadri, who was the chairman of the BEL.
Later, final settlement of Rs11.765 million was effected on the instruction Qadri and the borrower returned the amount through two cheques of Rs9.756 million and Rs2 million.
However, only an amount of Rs9.765 million was adjusted against the termination of the facility, thereby casuing a loss of Rs2 million to the BEL.
The cheque of Rs2 million, delivered for the termination of lease facility, was recorded in the account of ‘Miscellaneous Payable Project’. The cheque was deposited in he BEL’s account at Muslim Commercial Bank, FTC branch, and the money was used as payment account instead of depositing it in the collection account.
The amount was later withdrawn in cash through a crossed cheque No. 19191266 on Jan 8, 1999. The case was withdrawn on behalf of accused Raub B. Qadri by Ashfaque Tola and they converted the same for their own use.
“In view of my findings, I am of irresistible view that the accused persons were entrusted with bank afairs and having dominion over financial matters have committed criminal breach of trust and accused Ashfaque Tola is soley resposnsible for falsification of the account books of the bank, thus they are liable to be punished”, the judge observed.
The judge also disqualified for 10 years for seeking or from being elected, chosen, apponted or nominated as a member or representative of any public body or any statutory or local authority or in service of Pakistan or of any provice under section 15 of the NAB Ordinance, 1999.
CONVICTED: The Anti-terrorism court, headed by Judge Khan Pervaiz Chang, sentenced two brothers, belonging to the Muttahida Qaumi Movement, to a 10-year term for bike snatching.
Accused Rehan and Qamar, sons of Mumtaz, were arrested red-handed on April 24, this year by the police in New Karachi while fleeing after snatching the bike (RNC-3423) from Naeem Badar at gunpoint.
The judge also imposed a fine of Rs5,000 each on the two brothers and ordered that the defaulter on the payment would have to undergo an additional six-month term.
According to prosecution, the two brothers, riding a stolen bike (KCK-6478), intercepted the victim and his friend, Ishfaq Ahmed, near Power House and deprived them of the motorcycle. As they were fleeing, head constable Sharafat Ali and constable Nadir Raza, who were patrolling the vicinity on their bike, appeared there and arrested the fleeing bike snatchers. An unlicensed TT pistol was recovered from accused Rehan.
The judge also sentenced Rehan to suffer a seven-year term for possessing the unlicensed pistol.
The accused brothers took the plea that they were on their way on their bike when they had an altercation with the complainant. They said they were still exchanging hot words when the policemen came and arrested them.
Meanwhile, the additional district and sessions judge, Central, Ghulam Qadir Leghari, sentenced a man to a three-year term for possessing an illicit pistol.
Accused Shahid Rasool was arrested on Dec 14, last year by the New Karachi police.
Besides, the judicial magistrate, West, S. M. Naqvi, sentenced a man to two-year term for having an unlicensed pistol. Accused Muhammed Saleem, arrested on January 28, 1998, by the Shershah police, was also fined Rs5,000.
