KARACHI, Feb 20: Judge Ikram Hussain Jaffery of the Special Court (Offence in Banks) on Wednesday granted bail in a sum of Rs55 million to Mian Waqar Akhtar Paganwala, one of the directors of the Mass Dairies Private Limited.

Waqar Paganwala is also convicted by the Accountability Court in a case of wilful loan default.

The Banking Court granted him bail after a period of two and a half year.

According to the prosecution, the accused and his other family members being directors of the Mass Dairies acquired a huge loan from the Agriculture Development Bank against hypothecation of a plant and machinery and other stocks.

During a surprise visit by the bank’s team, it transpired that the stocks were shorter than the stocks mention in the bank’s books. The FIA registered a case in this regard and submitted the challan of case before the Banking Court. — PPI