Through instant petition, the petitioner namely Wassi Ullah Khan seeks post arrest bail in Accountability Court Reference No, 52 of 2015.
2. Precisely the allegations against the petitioner are that being Director of M/s. Wassi Securities
(SMC) Private Limited, he misappropriated/embezzled Rs, 67.76 million from the accounts of general public on the pretext of trading of shares in Lahore Stock Exchange.
3. Learned counsel for the petitioner submitted that no offence is made out against the petitioner under the NAB Ordinance, 1999. He added that the petitioner has already moved winding up petition and in view of the pendency of the same, NAB authorities are precluded to proceed against the petitioner. Learned counsel maintained that at the most, a civil liability is made out from the allegations levelled in the Reference and the petitioner is entitled to be released on bail as he is suffering behind the bars before' his guilt is proved.
4. Conversely, learned Addl. Deputy Prosecutor General appearing on behalf of NAB has vehemently opposed ' the instant petition.
5. We have heard the learned counsel for the petitioner as, well as learned Addl. Deputy Prosecutor General for NAB and also perused the record with their assistance.
6. The prosecution against the petitioner was started on the complaint of Chairman, Securities and Exchange Commission of Pakistan on the allegations of mis-appropriation/embezzlement of Rs, 52.48 millions from the accounts of general public on the pretext of trading of shares in the Lahore Stock Exchange. The inquiry was initiated on 19.05.2014 whereafter the same was upgraded into investigation on 16.10.2014. The petitioner was arrested on 20.5.2015 and after investigation, Reference No, 52/2015 was filed in the Accountability Court Lahore against the petitioner for an amount of Rs, 67.76 millions as total liability of the petitioner. As per record, there are 152 claimants who have voiced their grievance before the NAB authorities on account of alleged embezzlement committed by the petitioner being Director of M/s. Wassi Securities (Pvt.) Limited. The petitioner though has filed company petition for winding up of his company before the learned Company Judge. However, the same was admittedly dismissed by way of order dated 25.11.2015, against which, an Intra Court Appeal was filed which is statedly pending. Mere pendency of proceedings under the Companies Ordinance, 1984 are not sufficient to absolve the petitioner from the criminal liability which is otherwise made out from the allegations levelled in the Reference.
7. Even otherwise, it is well settled principle of law that civil and criminal proceedings can proceed side by side. At bail stage, only tentative assessment is required and deeper appreciation is not permissible. There are sufficient reasons to believe that the petitioner is involved in the alleged offence and he being the Director of the Company had cheated the public-at-large.
8. In view of the above discussion, we are not inclined to allow the instant petition. Consequently, the same is dismissed.