PESHAWAR: An accountability court here on Saturday convicted a man on the charge of cheating the people through fake investment scheme and sentenced him to seven years rigorous imprisonment and Rs15 million fine.

Judge Hafiz Naseem Akbar pronounced that the prosecution had proved its case against the accused, Riazul Haq, a resident of Rawalpindi, and the evidence on record connected him with the commission of the offence.

The court also extended the benefit of Section 382-B of the Code of Criminal Procedure to the accused suggesting the period of detention prior to his conviction will be counted in jail term.

The accused was arrested by the National Accountability Bureau, Khyber Pakhtunkhwa, in 2015. A reference was later filed against him in the accountability court.

NAB prosecutor Habibullah Baig contended that the accused had lured the people in Malakand division for investing their hard-earned money in the Islamic mode of investment called ‘modaraba’ and promised them high profit for invested money.

He said initially, the accused paid certain amount to the investors, but subsequently he stopped paying them profit and even did not return them their principal amount, which was invested with him.

Mr Baig said several investors had lodged complaints with the NAB, which found them to be true during investigation.

He said the statement recorded by the fraud victims connected the accused with the cheating of the public at large, which was a crime under the National Accountability Ordinance, 1999.

APPLICATIONS DISMISSED: Accountability judge Muneera Abbasi dismissed the applications of two accused in the banking fraud case, seeking their acquittal before the conclusion of trial.

The court dismissed the applications filed by Saqib Zaheer and Shabbir Ahmad, two former employees of a private bank, under Section 265-K of the CrPC.

The said provision empowers a trial court to order acquittal of an accused before conclusion of trial if there is no possibility of his conviction on the basis of available evidence.

The court is currently trying the two applicants and a prime accused in the case, Mansoor Ali Khan, for a banking fraud valuing Rs24.387 million.

In 2013, the NAB KP had arrested three persons in Haripur, including Raheel Sabir Jadoon, Mansoor Ali Khan and Samiullah, who had allegedly helped each other commit the fraud.

They were accused of fraudulently drawing Rs24.387 million through a scheme of the bank called as quick finance facility. Later, the two applicants were also arrested in the case.

The two accused, Raheel Sabir Jadoon and Samiullah, were later freed as they made a plea bargain with the NAB.

The NAB alleged that the bank had lodged a formal complaint with it that the accused in connivance with the bank officials managed to withdraw a handsome amount through the facility.

Published in Dawn, March 18th, 2018