ISLAMABAD, July 2: Former chief executive and president of Islamic Investment Bank (IIBL), Javed Iqbal Qureshi and Nadeem Anwar, respectively, have moved Supreme Court against their arrest on charges of embezzlement of government funds worth Rs630 million. In a petition filed by Barrister Aitzaz Ahsan on their behalf, the accused pleaded before the court to recall its order of their arrest and stay the liquidation proceedings against IIBL, initiated by the Security Exchange Commission of Pakistan (SECP).

Both bankers were arrested following initiation of a Supreme Court inquiry after the court failed to recover a bank guarantee of Rs493 million, which added up to Rs634 million with mark up.

They also sought directions from the apex court to launch a fresh enquiry into the financial scam under the Companies Ordinance.

On the complaint of the Supreme Court registrar, the National Accountability Bureau (NAB) had arrested the apex court’s ex-registrar M.A.Farooqi along with the petitioners for their alleged involvement in the scam. The former chief justice of Pakistan had directed the registrar to lodge the complaint with NAB.

In the petition, the appellants accused the SECP of misleading the Supreme Court by stating that the commission never declared the IIBL bankrupt.

They also alleged that the commission was responsible for creating the financial crisis.

— Staff Reporter