| Case ID |
02f5a00c-9ab4-4a88-a458-18ea3e0982f1 |
| Body |
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| Case Number |
Criminal Petition No.731 of 2009 |
| Decision Date |
Dec 26, 2009 |
| Hearing Date |
Dec 22, 2009 |
| Decision |
The Supreme Court of Pakistan declined the petitioner's request for bail on the grounds that the evidence presented was insufficient and that the petitioner had violated multiple laws related to foreign exchange and financial transactions. The court emphasized that the discretion to grant bail must be exercised based on judicial principles and the facts of the case. The court found that the petitioner had not only violated the rules and regulations set by the State Bank of Pakistan but had also acted against the interests of the country by engaging in unlawful foreign exchange activities. The court ordered that the trial proceedings be expedited, directing the trial court to conclude the trial within six months. |
| Summary |
In the case of Syed LAKHAT-EHASNAIN vs. THE STATE, the Supreme Court of Pakistan addressed serious allegations involving foreign exchange violations and financial mismanagement. The petitioner, associated with ZARCO Exchange Company, was accused of misappropriating funds and engaging in unlawful foreign currency transactions. The court highlighted the importance of adhering to financial regulations set by the State Bank of Pakistan and recognized the detrimental impact of such violations on the national economy. The decision emphasized the need for strict compliance with legal frameworks governing financial transactions and the prosecution's duty to establish a solid case before the court. The ruling serves as a critical reminder of the legal ramifications of non-compliance in financial operations, particularly in the context of foreign exchange. Keywords such as 'foreign exchange violations', 'legal compliance', and 'financial regulations' are crucial for understanding the implications of this case. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
State Bank of Pakistan,
Federal Investigation Agency (FIA),
ZARCO Exchange Company (Pvt.) Limited
|
| Judges |
IFTIKHAR MUHAMMAD CHAUDHRY, C.J.,
ANWAR ZAHEER,
JAMALI,
KHILJI ARIF HUSSAIN
|
| Lawyers |
S.M. Zafar, Senior Advocate Supreme Court,
Arshad Ali Ch., Advocate-on-Record,
Azam Nazir Tarar, Advocate Supreme Court/Special Public Prosecutor
|
| Petitioners |
Syed LAKHAT-EHASNAIN
|
| Respondents |
THE STATE
|
| Citations |
2010 SLD 2742,
2010 SCMR 855
|
| Other Citations |
Collector of Customs, Collectorate of Customs Rawalpindi v. Khyd-e-Noor and others 2006 SCMR 1609,
Muhammad Ilyas v. Shahid Ullah and other PLD 2009 SC 446
|
| Laws Involved |
Criminal Procedure Code (V of 1898),
Foreign Exchange Regulation Act (VII of 1947),
Penal Code (XLV of 1860),
Prevention of Electronic Crimes Ordinance (IV of 2008),
Prevention of Corruption Act (11 of 1947),
Constitution of Pakistan (1973)
|
| Sections |
497,
109,
185(3),
420,
468,
471,
409,
4,
5,
4,
7,
8,
9,
5(2),
23,
8(1)
|