Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi was on Saturday remanded in the custody of the Federal Investigation Agency (FIA) for four days by a senior civil judge in Islamabad.

The FIA had pleaded to keep Hijazi in custody for a period of 10 days, which Hijazi's counsel had contested. The counsel, Aazid Nafees, had argued that there was no need for Hijazi to be kept in FIA's custody since he had already been investigated for over two months and because his health did not allow for him to be held in custody.

After reviewing Hijazi's medical record, prepared by the Pakistan Institute of Medical Sciences (Pims), Senior Civil Judge Muhammad Shabbir turned Hijazi over to the FIA for four days.

Hijazi was taken from the court in an ambulance.

Hijazi had been taken into custody Friday after his interim bail expired. The FIA had registered a First Information Report against the SECP chairman under Sections 466 (forgery) and 471 (using forged documents as genuine) of the Pakistan Penal Code (PPC), read with Section 5(2)(47) of the Prevention of Corruption Act, at the agency's Special Investigation Unit (SIU) in Islamabad.

The case was registered on the orders of the Supreme Court after the three-member Panama Papers case implementation bench acted on a report prepared by a joint investigation team (JIT) probing the Sharif family's financial history.

The JIT report had alleged that the SECP chairman had altered records related to the Sharif family owned Chaudhry Sugar Mills.

An investigation team headed by FIA Director Maqsoodul Hassan had subsequently investigated Hijazi and submitted a report on its investigation on July 8, stating that it had found the chairman guilty of altering records.

Opinion

The sixth wave

The sixth wave

PCR testing has drastically gone down in Pakistan and our disease surveillance system needs much more strengthening.

Editorial

Udaipur killing
Updated 01 Jul, 2022

Udaipur killing

The crime committed in Udaipur did not happen in a vacuum.
Unacceptable demand
Updated 01 Jul, 2022

Unacceptable demand

Negotiating with extremists is tricky; no peace treaty with them has lasted beyond a few months.
Tough times ahead
01 Jul, 2022

Tough times ahead

THE finance ministry’s projection of 15pc inflation, much higher than the targeted rate of 11.5pc, during the new...
More ‘prior actions’
Updated 30 Jun, 2022

More ‘prior actions’

It is crucial that the IMF reconsiders its stance and releases the funds at the earliest to calm uneasy markets.
Growing power crisis
30 Jun, 2022

Growing power crisis

THE country’s escalating power crisis risks exacerbating the law-and-order situation as people take to the streets...
Attack on polio team
30 Jun, 2022

Attack on polio team

THE threat of deadly violence never seems to diminish for health workers and police officials involved in...