President Directs Rs 24.136 Million Relief to Bank Fraud Victims
President Orders Rs 24.136 Million Compensation for Bank Fraud Victims Across Multiple Banks
ISLAMABAD: President Asif Ali Zardari has ordered six banks to provide financial relief totaling Rs 24.136 million to 31 victims of bank fraud, following their complaints and representations against banking institutions.
The President issued these directions after reviewing 31 representations filed against the decisions of the Banking Mohtasib. He upheld the Mohtasib’s rulings in favor of the victims, delivering justice to the defrauded banking customers, a statement from the President’s Office said.
In a series of decisions, the President rejected 12 representations from United Bank Ltd (UBL), directing the bank to compensate victims with Rs 11,570,191. Similarly, ten cases against Muslim Commercial Bank (MCB) were also dismissed, with the bank instructed to refund Rs 5,291,500. Allied Bank Ltd (ABL) faced five dismissed representations, and was directed to return Rs 4,049,742 to the affected customers. Additionally, three representations by the Bank of Punjab (BOP) were dismissed, ordering the bank to refund Rs 2,315,000. In one case, Askari Bank Ltd was directed to refund Rs 490,000, and in another, Habib Bank Ltd (HBL) was instructed to pay Rs 420,000 to a customer.
The victims were defrauded by individuals posing as bank representatives, who used deceptive phone calls to acquire sensitive banking information and then drained funds from their accounts. Upon realizing the fraud, the affected customers approached their banks but were denied relief. Consequently, they sought assistance from the Banking Mohtasib, which ruled in their favor. However, the banks filed separate representations challenging these rulings, leading to the President’s final decisions.
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Following hearings at Aiwan-e-Sadr, the President emphasized the important role played by the Banking Mohtasib in protecting citizens from banking malpractice and financial fraud. He noted that the institution is essential for swiftly resolving complaints, offering victims timely justice without the need for lengthy legal procedures.
The President also encouraged the public to make use of the Banking Mohtasib’s services for resolving banking disputes and addressing fraudulent activities. His decision underscores his commitment to ensuring justice and providing relief to the people affected by financial fraud.
