ISLAMABAD - Former chairman of Pakistan Stock Exchange Hussain Lawai, who is said to be close to Asif Ali Zardari, on Friday approached the Islamabad High Court seeking post-arrest bail in fake accounts case. Lawai presently confined at Central Jail Landhi in Karachi moved the court through his counsel Syed Hamid Ali Shah Advocate and cited state, chairman NAB and Prosecutor General NAB as respondents.

In his petition, he stated that the case against him is false, frivolous and politically motivated. “The investigating agency being motivated by malice, initiated the process of inquiry/investigation without any reasonable or probable cause,” the petition added. He continued that other co-accused in the case including Shahzad Ali, Zain Malik, Ali Malik Majeed and others filed the application under section 91 CrPC for furnishing the surety bonds and undertook to appear before the court and the same was permitted.

Lawai contended that the inquiry and investigation of this case has not been conducted in a just, fair and impartial manner. “The arrest of the petitioner was carried out despite the absence of sufficient grounds to proceed against him. This by itself speaks volumes about the malicious conduct of the investigating agency,” he added. According to the petition, “The petitioner has no nexus with the process of accounts opening, deposits, transfers, withdrawals of funds or any other transactions of cash handling in respect of alleged fake account(s).