ISLAMABAD: President Asif Ali Zardari has directed six banks to compensate 31 victims of bank fraud with financial relief amounting to 24.136 million, a press release issued by the President’s Office said.
President Zardari gave these directions after reviewing 31 appeals filed against the Banking Mohtasib Pakistan’s rulings. The President upheld Mohtasib’s decisions in favour of the victims, who were defrauded by individuals posing as bank representatives.
The criminals acquired sensitive banking details and subsequently drained funds from their accounts. Upon discovering the fraudulent transactions, the customers approached their banks for redress but were denied relief.
The victims approached the Banking Mohtasib, from where they got relief. However, the banks filed separate representations with the President, challenging the rulings of the Ombudsman.
According to the press release, the president conducted the hearing of twelve representations filed by United Bank Ltd (UBL). President rejected the petition and directed the bank to compensate the victims with Rs11.57 million.
Muslim Commercial Bank (MCB) was also instructed to refund Rs5.3 million to the victims of fraudulent transactions.
Furthermore, the five representations filed by Allied Bank Ltd (ABL) were also dismissed, and the bank ordered to return Rs4.04 million to affected customers.
The Bank of Punjab (BOP) was also ordered to refund Rs2.31 million. President also mandated Askari Bank Ltd to refund Rs0.4 million in one case, while Habib Bank Ltd (HBL) was instructed to pay Rs0.42 million to a customer in another case.
“The President also emphasized the crucial role played by the Banking Mohtasib in safeguarding citizens against the maladministration of commercial banks and financial fraud. The President has also encouraged the public to utilize the services of the Banking Mohtasib to address banking disputes and fraudulent activities,” the press release read.
