KARACHI – Muslim Commercial Bank (MCB) Bank Limited is a known commercial bank that claimed to be ‘Bank For Life’ however its negligence has deprived customers of their hard-earned money.
MCB was among the banks that were directed by President Dr Arif Alvi to return a collective sum of Rs4.1 million to customers, who faced fraud due to a haphazard banking system.
Customers after becoming victims of banking fraud approached relevant authorities as scammers conducted fraudulent transactions from their accounts, leaving them in misery, and that at a time when people are bearing the brunt of the worst economic meltdown.
MCB claimed to have a large number of customers who trusted banks but the weakness in a system created a frenzy among customers, who are now looking for other banks.
Fraud victims deplored the Electronic Funds Transfer (EFT) mechanism, which without getting their consent okayed fund transfers.
Authorities said the loss of funds occurred as MCB and other banks failed to EFT operational without the account holders’ request, and Muslim Commercial Bank (MCB) Bank committed maladministration and deprived people of their money.
This is actually not the first time when MCB customers have found themselves in an unwanted situation as a staffer of the same bank deprived an innocent customer of Rs18lac.
Federal Investigation Agency also started a probe into the issue on the complaint of an aggrieved customer identified as Khalid Pervaiz Qureshi. The victim told Director FIA that he was running his savings account number 10055251 with the MCB Farooqabad branch.
After his retirement from a government job, he deposited the money in his bank and claimed that his duplicate SIM had been issued and a fund transfer was made fraudulently. The complainant said that he then approached to Regional Manager and General Manager of the bank and put his issue before them but to no avail.
Last year, State Bank imposed penalties on MCB and several other banks for violating regulatory instructions pertaining to CDD/KYC and general banking operations. MCB Bank Limited was slapped with penalty of Rs19.223 million and been advised to strengthen its controls/processes in the identified areas.
