Businessman Zameer Karim of Pioneer Investment who spent four nights in police custody following his arrest on Thursday last week for intent to defraud Eco Bank of K850 million was today granted bail by Principal resident magistrate in Lilongwe.

Karim along side Victoria Chanza an employee of the bank pleaded not guilty to three counts of fraud, forgery and altering a false document when they appeared before principal resident magistrate Viva Nyimba.

The case relates to police food ration deal of 2015 whereby Karim was offered a contract to supply food ration to Malawi Police Service(MPS)

In the latest case, Karim is accused of presenting a Notice of Assignment of Proceeds to the bank purporting to have been signed by MPS director of finance and his deputy.

Chanza was granted police bail on Saturday following her arrest on Friday .

Today, the court ordered the suspects to pay bail bond of K500,000 cash, one surity at K1 million non cash, surrender travel documents and to be appearing at Chichiri police in Blantyre every fortnight.

Credit; Nation Online