ISLAMABAD, Dec 20: Chairman Indus Bank Khurshid Sohail has been released on bail by an accountability court after he furnished two bail bonds of Rs5 million each and an undertaking to regularly appear before the court to attend future proceedings.

The chairman was released here on Friday in compliance with the Supreme Court orders to release him on bail after he furnished the required surety bonds. The judge, Syed Mumtaz Hussain Shah, also adjourned the hearing of the case till January 7.

Khurshid Sohail was arrested on October 30, 2000 on a complaint by State Bank of Pakistan (SBP) alleging that the chairman siphoned off bank deposits of over Rs150 million. He was also accused of illegally obtaining loan from the bank in the name of different firms and companies to be misused for personal benefits.

The prosecution was holding him responsible for committing acts in violation of the SBP laws and regulations in connivance with three co-accused. All the co-accused, including his son, have already been declared absconder.