ISLAMABAD, Dec 11: The Supreme Court on Monday granted bail to chairman of the defunct Indus Bank, Khurshid Sohail, on furnishing of bail bonds worth Rs5 million.

Sohail Khurshid was arrested after the State Bank of Pakistan discovered that he siphoned off the bank deposits of over Rs150 million.

The Supreme Court bench which granted him bail was headed by Chief Justice Shaikh Riaz Ahmad.

The petitioner was represented by Wasim Sajjad who argued that the allegations were “frivolous, fabricated and based on mala fides.”

The petitioner is accused of illegally obtaining loan from the bank in the name of different firms and companies to be misused for personal benefit.

The prosecution also alleged that he, in connivance with three co-accused, who had absconded, committed acts in utter violation of laws, rules and regulations of the SBP. All the co-accused, including his own son, have already been declared absconders.