ISLAMABAD – MCB customers trusted their bank with their hard-earned savings. Then the money disappeared. Six customers say they were left struggling after their funds were allegedly misused. They took their complaints through the Banking Mohtasib and the President’s Office, winning legal orders, but their fight is not over. Despite the legal victory, they say they are still waiting for the compensation they were awarded.
Pakistan’s digital banking system is facing financial losses because of serious security weaknesses involving SIM-card swapping, unauthorized access to mobile banking applications, and internal banking fraud, and cases of MCB customers are one of them.
In one reported incident, a bank manager allegedly got unauthorized access to a customer’s SIM card and then used stolen banking-app credentials to transfer Rs 2.2 million from the customer’s account within minutes. Federal Investigation Agency’s Commercial Banking Circle arrested the manager, but similar incidents have continued to occur in different parts of the country.
The issue is not limited to individual employees acting dishonestly. Banking Mohtasib Pakistan recently dealt with major internal fraud case involving MCB. A branch manager allegedly created fake term-deposit schemes using customers’ cheques and carried out unauthorized transfers. Instead of being credited to the rightful customers, the money was transferred into accounts belonging to a relative. The Banking Mohtasib directed MCB to pay Rs 3.05 million in compensation, along with applicable service charges.
In another case in Faisalabad, a manager allegedly left the country after taking more than one billion rupees from customers’ accounts. In Lahore, police also investigated a bank manager who allegedly persuaded a customer to issue a large cheque by providing misleading information about the branch’s performance. The money was then immediately taken away.
One affected customer of MCB explains that they went to the bank to collect their money. They had Rs 26 Lac in cash as well as two cheques. The cash and cheques were handed over to the bank manager. When the banking situation later became problematic, the customer returned to the bank and discovered that the money was no longer in the intended account. Instead, it had been placed in a relative’s account.
The customer had gone to the bank so that the money could be deposited. The family had sold their land, and the money belonged to a family member. However, the cheque and money were not deposited into the intended account. Because of this, they decided to pursue legal action.
Another customer explains that they were dealing with MCB Bank regarding money that was supposed to be deposited into their account. Different amounts, including Rs 90 Lac and Rs 33 Lac, were discussed in relation to the deposits. The original transcript repeats this statement several times. The customer says they went to collect the money twice, but they were not allowed to get it. Later, when they checked what had happened, they found that only Rs 3.3 lakh had been given to them.
Another customer explains that they had opened an MCB Bank account jointly with family members. During Ramadan, the customer was told to go to the bank because Zakat would be deducted. At the bank, the manager explained that there was an issue concerning the account and that several Lac rupees could be deducted as Zakat.
The customer asked what could be done. The manager said the bank was closed, so there was no immediate solution. The customer was told that Zakat would be deducted on the first day of Ramadan and was advised to obtain two drafts. The customer got two drafts and completed all the formalities required by the bank. At the time, they did not know much about banking procedures and simply followed the instructions given to them.
Two drafts were prepared. One was for Rs 60Lac , while the other was for Rs 30 Lacand Rs 50,000. A family member later went to the bank and spoke with the MCB representatives. One request was to keep the draft for the mother’s account, while the other was connected to the bank’s target requirements. The bank asked the family to leave the money for two additional days, and they agreed. After those two days, the situation changed and the alleged fraud came to light.
The family says they were defrauded. They initially waited because managers from the main branch came to them and told them not to worry. They assured the customers that the bank was responsible for the money and that they would receive it. When the money still did not come back, the family hired a lawyer. The lawyer handled the matter for approximately one year and ten months and pursued the case through the relevant forums.
Another customer explains that their account was with an MCB Bank branch. The customer got a call from MCB informing them that their cheque book had arrived. They went to the bank and asked the representatives to check the situation. The bank representatives said there was an issue involving their target and asked the customer to come in. When the customer arrived, they were asked whether the account was a savings account. They confirmed that it was.
The bank representatives then explained that they needed to complete their target. They told the customer that the money could be withdrawn from the savings account and placed into a current account. The customer asked why this was necessary and requested an explanation. They were assured that there was no problem and that the money would be returned by 5 p.m. Based on this assurance, a payment of Rs 14 lakh was made.
Later, when the account was checked, the money was no longer there. The original recording contains unclear and repeated statements at this point, including the speaker identifying themselves as a student.
