PSM scam: SHC grants pre-arrest bail to 2 dealers

July 13, 2015 Off By Web Desk

KARACHI: The Sindh High Court on Tuesday granted Rs0.5million pre-arrest bail to the two private dealers, who are facing corruption charges of illegally purchasing the products of Pakistan Steal Mills at very low price, causing huge financial loss to it.

A division bench headed by Justice Mohammad Ali Mazhar approved the bail for the authorized dealers of PSM, Mehmood and Aftab Ahmed Khan, against the surety bond of Rs500000, directing them to face the trial.

The court issued notice to the NAB authorities to file their comments in response to the bail applications by July 24.

The applicants said they were nominated in the cases regarding corruption in the PSM, adding they were ready to face the corruption charges but apprehended their arrest and maltreatment by the NAB officials. Therefore, they requested the court to grant bail enabling them to join the trial.

Following the Supreme Court’s suo suo moto proceedings regarding corruption in the PSM, the Federal Investigation Agency carried out investigation in this regard and subsequently, registered several FIRs against PSM former chairman Mueen Aftab Sheikh and the officials of the PSM for misusing their official powers with criminal intentions and in connivance with dealers, contractors and private persons.

It was alleged that huge financial losses were caused to the PSM by importing raw material on higher cost, illegally selling its products on lower price, and committing irregularities in awarding contracts.

7/14/2015 6:56 PM