LAHORE - The Lahore High court on Thursday dismissed the bail application of Lakht-e-Hussnain, chief executive ZARCO foreign exchange company, observing he could not be enlarged on bail because there is possibility of repetition of crime. The bench comprising Chief Justice Khawaja Muhammad Sharif and Justice Ijaz Ahmed Chaudhary ruled that lakht-e-Hussnain was not only the chief executive of the company but also the owner of 99 per cent shares of the venture. The court further held that record also manifests the company illegally transmitted Rs 67 billion from Pakistan to foreign countries which caused loss to national exchequer and State Bank of Pakistan as the company was bound to pay 25 per cent commission to the bank. The court said the company had prepared double record of its business activities with a view to defraud people, franchises and SBP. The FIA officials told the court that being largest shareholder of the company Hussian was the sole beneficiary of the companys business. His company had defrauded 70 persons and if the record is maintained since its inception in 2003, the number of affected persons could go in thousands. The court had reserved its verdict on the bail application on October 22. Previously, counsel of Lakht-e-Hussnain, Barrister Syed Ali Zafar had argued that Zarco Exchange had brought Rs 1.3 trillion into the country between 2004 and 2009. He said all remittances sent out of the country by the company were sent through legal banking channels and they were sent in full compliance with all rules, regulations and directives of the State Bank. He stated the funds sent out of the country by the company were much less than the maximum limit the State Bank had prescribed. The counsel also contended that all transactions of the company were reported to the State Bank. With regard to the allegation of siphoning off public funds, the counsel presented an audited account of the company, which showed that all funds were disbursed out of the company profits and not public money, and therefore Hussnain, was within his right to disburse the money. The FIA had arrested Hussnain in connection with a case registered against him at police station FIA Crime Circle. It was alleged that his company had deprived people and franchise of their hard-earned money.