Sunday, September 25, 2022

SC denied bail request from suspected cryptocurrency fraud

Earlier on Tuesday, the Supreme Court dismissed a bail petition filed by a man accused of being involved in an Rs1.70 billion cryptocurrency fraud scheme.

Justice Umar Ata Bandial chaired a Supreme Court panel that admonished the National Accountability Bureau (NAB) for the excessive time it took to file a reference against the accused.

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Justice Qazi Ameen, a member of the bench, referred to the anti-graft buster’s failure to file a reference even after two years as “criminal negligence” on his part.


“The National Accountability Bureau does not submit the reference, and the finger of blame is put to the courts,” he stated.

A prosecutor from the National Accountability Bureau (NAB) informed the courts that the accused, Waseem Zaib, had collected a huge Rs1.70 billion in donations from civilians and had transferred the money into cryptocurrency accounts.

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“Why didn’t the National Accountability Bureau (NAB) track out the accused’s assets?” the Supreme Court asked the prosecutor in a question and answer session.


Deputy Chief Justice Qazi Ameen expressed his dissatisfaction with the agency by saying, “This is the state of the inquiry in a huge scandal.” “There is no fundamental information available.”

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The Supreme Court (SC) ordered the National Accountability Bureau (NAB) to file a reference against the accused as soon as feasible, according to a court order.

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