Law:

Section:

Code of Criminal Procedure, 1898 (V of 1898)-- ----S. 497--Pakistan Penal Code, (XLV of 1860), Ss. 409, 420, 468, 471 & 109--Federal Investigation Agency Act, 1947, Ss. 4, 5, 8(1) & 23--Bail, dismissal of--Sole beneficiary of fraud committed by applicant--(a) Being the sole beneficiary and conducting the affairs of the company himself, the petitioner could not shift his liability on the employees of his company, (b) Petitioner being the leader of the whole campaign was not entitled to the concession of bail, which was a remedy for persons who were innocent and were involved in cases with mala fide intention--Petition dismissed. THIS ORDER PASSED BY: IJAZ AHMAD CHAUDHRY, J.- A case FIR No. 9 dated 21.02.2009, under Sections 4, 5, 8(1), 23 of Federal Investigation Agency Act, 1947/409, 420, 468, 471, 109 PPC and 4, 7, 8, 9 of PECO was registered with Police Station FIA, Crime Circle, Lahore against Zarco Exhance (Pvt.) Limited, Ravi Road, Lahore (hereinafter referred to as petitioner company). 2. The allegation against the company as leveled in the FIR, in brief, is that the company was engaged in collecting money in home currency and foreign currencies for inland and outland remittance. According to the FIR it was against the instructions issued by State Bank of Pakistan to this company. It had collected huge amounts but did not remit to its destinations. The company had also engaged many franchise dealers to receive money for exchange and remittance. The amounts of franchise dealers were also not paid to the relevant quarters. It is also alleged in the FIR that the company was authorized by State Bank of Pakistan to Home remittances but it was receiving amount for remittance to foreign countries. 3. The learned counsel for petitioner has produced a photocopy of licence issued to Zarco Company to contend that the company was authorized to deal in foreign currency notes, coins, postal notes, money orders, bank drafts, traveler cheques and transfers in accordance with Rules and Regulations laid down in FE Circular No. 9 dated July 30, 2002. It is contended that the petitioner company was registered and its authorized capital was Rs. 200 million and paid up…

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