KARACHI: The Special Court of Customs Taxation and Anti-Smuggling has deferred the pronouncement of its verdict on bail plea of two suspects in Rs 35 billion gold smuggling scam.
Judge Syed Faiz Rasool Rashdi had reserved the verdict after hearing arguments from defence and prosecution sides. However, a new date will be fixed by the court office later.
Applicant Muhammad Zubair and Wajahat Minhas moved the court, seeking their release on bail.
According to the prosecution, the Federal Investigation Agency (FIA) Corporate Crime Circle had registered an FIR under Section 156(1)(8), 32/32-A punishable under Section 156(1)(14) of Customs Act 1969.
An inquiry conducted by FIA established that accused Muhammad Shakeel, the deputy director of the Trade Development Authority of Pakistan, Karachi, registered the firms M/S Rayyan Collection, M/S Atta Casting, M/S Ather Jewellers and M/S Al Huda Bangles as exporters under Section 3 of the SRO 266(1)2001 dated May 7, 2001, to export gold, silver and platinum jewellery and precious stones without fulfilling legal requirements.
The alleged gold traders exported 23 karat gold jewellery worth Rs 35 billion to the UAE during the period between 2011 and 2012 on fake E-forms as no foreign proceeds returned to the country as an outcome of the gold export.
Muhammad Shakeel, Abdul Qadir Akmal Aziz and other accused have already been released on bail.
