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KARACHI: The Sindh High Court (SHC) on Monday acquitted former National Bank of Pakistan (NBP) president Syed Ahmed Iqbal Ashraf in the Rs54 billion Hascol loan scam case, observing that nearly all other accused persons had been exonerated, acquitted or converted into witnesses.
A two-judge bench, headed by Justice Omar Sial, observed several senior NBP officials, originally booked on identical allegations, had been converted from accused persons into witnesses.
The FIA had booked and charge-sheeted more than 20 officials of NBP, Hascol Petroleum Company Limited and Vitol over allegations that the bank had extended imprudent financing facilities to Hascol between 2015 and 2020, allegedly causing losses of Rs54bn.
Mr Ashraf had approached the SHC after a special banking court dismissed his acquittal plea in April 2025. After hearing arguments from both sides and examining the record, the SHC allowed the application and acquitted him.
