ISLAMABAD - The Islamabad High Court (IHC) yesterday directed Mian Khurram Rasool, the media advisor of former Prime Minister Yousaf Raza Gilani, to submit schedule for payment within fortnight in a three years old fraud case.

A division bench of IHC comprising Justice Shaukat Aziz Siddiqui and Justice Athar Minallah issued these directions while hearing a petition of Mian Khurram Rasool who is seeking post-arrest bail, as he has been languishing in jail for the last three-year.

According to the details, National Accountability Bureau (NAB) authorities filed a corruption reference in August 2012 against Khurram Rasool, the proprietor of True Concept Partnership Pakistan and Paramount Rainbow Company.

In the reference, Khurram is accused of cheating public at large inviting them to invest in the two companies by creating a false impression that they were doing business of sugar and scrap with the Trading Corporation of Pakistan (TCP) and Pak-Arab Refinery Company (Parco).

The NAB investigations found that Khurram’s brother Shahid Mehmood had assisted the accused in cheating people and collecting Rs 380 million from them. Shahid Mehmood is also arrested in this matter.

The corruption reference stated that the accused opened bank accounts of his companies with the acronyms TCP and Parco. He maintained the accounts of True Concept Partnership, Pakistan, and Paramount Rainbow Company with the Askari Bank’s Jinnah Avenue branch in Islamabad and one of Paramount Rainbow Company with the Bank of Punjab’s Satellite Town branch in Rawalpindi.

The NAB had arrested Khurram Rasool and Shahid Mehmood on April 13, 2012 while Federal Investigation Agency (FIA) had arrested him in January 2013 for another alleged fraud where Khurram Rasool is accused of defrauding a businessman of millions of rupees for an LPG contract that never transpired.

However, Khurram Rasool’s counsel Amjad Iqbal Qureshi Advocate adopted before the court that the complainant has been claiming an exaggerated amount while the actual amount is less, which his client is ready to pay.

After issuing the abovementioned directions, the court adjourned the further hearing of this case till the next date to be fixed by IHC registrar office.