Islamabad - The Islamabad High Court (IHC) Friday reserved its verdict in the bail application of an accused, former chairman of Employees’ Old age Benefit Institution (EOBI) Zafar Gondal, in a matter of allegedly causing a loss of Rs 42 billion to national exchequer.

A single member bench of IHC comprising Justice Noor-ul-Haq N Qureshi reserved the judgement after hearing the arguments of both the sides.

Zafar Gondal is the main accused in multibillion rupee EOBI land scam. Previously, his counsel Farooq H Naek Advocate had submitted some additional documents before the court in Gondal’s bail application.

Naek had informed the court that he had submitted some additional documents in this case at which a standing counsel Jehangir Khan Jadoon representing the federal government said that he had not received copies of these documents. Therefore, the court had directed Naek to provide copies of these documents to the federal government’s counsel.

Earlier, Federal Investigation Agency (FIA) had arrested Zafar Iqbal Gondal, the brother of PPP leader Nazar Gondal, from the Supreme Court premises after the apex court rejected his bail application.

There are six cases registered against Zafar Gondal in Islamabad police stations, seven in Lahore and two in Karachi. He had been obtaining bails from different courts.

The accused had allegedly caused a loss of Rs 42 billion to the exchequer.

 by investing huge amounts in private sector projects without approval of the Board of Trustees (BoT). The projects included purchase of plots in DHA, purchase of a plaza in F-7 Markaz Islamabad, two 4300cc Parado vans for the chairman, two controversial plots in Sukkur, development of cricket ground in Islamabad, purchase of plots from CDA and 40 kanal of lands in Lahore, purchase of four floors of a hotel in Lahore, construction of a 7-star hotel in Lahore, construction of M-9 Motorway and purchase of 20 kanal of land near Karachi airport on exorbitant prices.