KARACHI – Several commercial banks including Allied Bank, and Muslim Commercial Bank MCB customers have been directed to compensate victims of bank fraud after a review of appeals filed against the Banking Mohtasib’s rulings.
These victims approached authorities as some fraudulent transactions were carried out successively through their accounts. President Asif Zardari ordered the return of Rs24.13 million rupees to 31 individuals who were defrauded by criminals posing as bank representatives.
He upheld the decisions of the Ombudsman, reaffirming his commitment to providing immediate relief to the public, turning down 12 petitions filed by United Bank Limited (UBL), and directing bank to return Rs11.5 million to 12 affected customers.
Muslim Commercial Bank was ordered to refund over Rs5.2 million to 10 victims, while Allied Bank Limited’s five petitions were dismissed. The bank was also directed to return over Rs4 million to its affected clients.
President also dismissed three petitions filed by Bank of Punjab, ordering it to pay back over 2.3 million rupees to three customers. Askari Bank Limited was instructed to refund Rs490,000 in one case, and HBL was directed to return Rs420,000 to an affected customer.
The victims were initially deceived by fraudsters who impersonated bank officials and acquired sensitive banking details through fraudulent phone calls, allowing them to withdraw funds from the victims’ accounts. After banks failed to provide relief, the victims sought assistance from the Banking Ombudsman.
The banks, challenging the Ombudsman’s rulings, filed separate petitions with the President, who reviewed the cases before issuing his final decisions.
This move by the President highlights his continued commitment to protecting citizens from financial fraud and ensuring that justice is served.
