KARACHI: The Federal Investigation Agency (FIA) exonerated the AKD Securities Limited from the multi-billion rupees Employees Old-Age Benefits Institution (EOBI) scam in its report submitted to the Supreme Court of Pakistan. The EOBI had fraudulently purchased M/s Amtex shares sometime ago. The name of the AKD Securities was not on the list of the culprits that was submitted to the Supreme Court by the FIA director general through agency’s director for law. However, registration of a case and arrest of AKD Securities senior officials by the Sindh Directorate of the FIA vindicates the stance that the FIA Sindh and its senior officials took up this case on the instigation of influential people like Jahangir Siddiqui and Mir Shakil-ur-Rehman. According to the official documents submitted to the Supreme Court of Pakistan by the FIA director general under the constitutional petition No. 35/2013, the name of the AKD Securities Limited is not among those linked to the scam. Now the inquiry into the EOBI-Amtex shares case has been completed. The names of the accused submitted to the court by the FIA director general in the EOBI scam inquiry No. 40/2013 are Zafar Iqbal Gondal, the then chairman of the EOBI; Kanwar Khursheed Wahid, the then EOBI director general for investment; chief executive officer and directors of the M/s Amtex Limited; Aslam Motiwala, chairman of the SAZ Capital; and Amcap directors Khurram Shehzad, his wife Marium Shehzad and his brother Naveed Shehzad, who belong to Lahore. The above mentioned inquiry report finalised by the FIA says there is “no role of the AKD Securities Limited in this transaction”. After the closure of the inquiry and submission of the final report to the Supreme Court, the registration of FIR and the arrest of the CEO and directors of the AKD Securities limited shows a mala fide act of the FIA, which illegally reopened an inquiry, which had already concluded. Furthermore, the AKD Securities Limited was accused of manipulating prices of the shares of the M/S Amtex Limited, in the FIR and the interim charge sheet submitted by the FIA. On the other hand, the Securities and Exchange Commission of Pakistan initiated an enquiry into the alleged manipulation of share prices, but found no role of the AKD Securities Limited in this transaction. The report of the SECP has all the details pertaining to money trail and beneficiaries. This report has been shared by the SECP with the FIA, but it has concealed the report for ulterior motives.