SAAD SUMAIR vs NATIONAL ACCOUNTABILITY BUREAU (NAB) Ss — 2022 PLD 371 ISLAMABAD

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SAAD SUMAIR VS NATIONAL ACCOUNTABILITY BUREAU (NAB) Ss. 9 & 31-D---anti-Money Laundering act (VII of 2010), S. 3---Constitution of Pakistan, art. 199---Corruption and corrupt practices---Offence of money laundering---Inquiry, investigation or proceedings in respect of imprudent bank loans---Pre-arrest bail, grant of---accused sought pre-arrest bail in proceedings pending before the National accountability Bureau (NaB)---allegation against accused was that he was an associate of the main accused on whose behalf he was acting as Director of a company; that shares of the company were transferred in the name of accused in order to obtain a fraudulent finance facility from a bank; that the company misappropriated the amount of finance facility and the accused possessed the crime proceeds and subsequently transferred such proceeds in various other accounts---Contentions of accused were that the finance facility was a fully secured mortgage-backed facility; that the company and the bank had agreed in principle for a Debt-Property Swap agreement but freeze order passed by NaB relating to the properties owned by the company was in the way---Held that no material was available on record to establish that the finance facility was acquired in a fraudulent manner---Such allegation made little sense in view of the fact that the bank was issuing the finance facility backed by mortgage of valuable real estate---Had it not been for the present investigation and the freeze order, the bank and the company could have easily entered into the Debt-Property Swap agreement---Such agreement would have obviated the possibility of any loss being caused to the public exchequer---Nothing was placed on record to establish that acquisition and use of proceeds of the finance facility somehow constituted the offense of money laundering under S.3 of the anti-Money Laundering act, 2010---No reference was received by NaB from the Governor, State Bank of Pakistan to investigate the grant of finance facility as an imprudent loan within the meaning of S.31-D of the National accountability Ordinance, 1999---Constitutional petition was allowed and the accused was admitted to pre-arrest bail, in circumstances.

SAAD SUMAIR vs NATIONAL ACCOUNTABILITY BUREAU (NAB) Ss — 2022 PLD 371 ISLAMABAD

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