KARACHI: A sessions court on Friday rejected the bail plea of the husband of model Nadia Hussain in multimillion-rupee embezzlement case.

The Federal Investigation Agency (FIA) had booked Atif Muhammad Khan, the model`s husband and former CEO of Bank Alfalah Securities, along with others on the complaint of the private trading company.

He was apprehended on allegations of corporate financial fraud through criminal misconduct, breach of trust, abuse of fiduciary authority, falsification of accounts and dishonest misappropriation and utilisation of company fundsforpersonalgains.

Later, Mr Khan, who was in jail custody, had filed an application through his counsel Mukesh Kumar before Additional District and Sessions Judge (South) Ihsan Malik, seeking postarrestbailin this case.

After hearing the defence and complainant counsel, Haider Waheed and Muhammad Asad Ashfaq Tola, the court dismissed the post-arrest bail plea.

During the arguments on the plea, the complainant`s counsel opposed the bail application and contended that Mr Khan was allegedly involved in fraudulent activity as he was the CEO of the company. They maintained that Mr Khan was allegedly using the company`s money in his account for trading purposes.

The defence counsel submitted in the application that the FIR and related documents failed to provide any evidence of an audit conducted by the audit committee. There was no mention of any formal financial examination or review of the accounts in question, it added.

It maintained that an audit is a crucial process to verify the accuracy and authenticity of financial records. However, its absence raises serious concerns about the legitimacy of the claims made by the agency against the applicant.