A unique financial fraud has been unearthed in Karachi as the staffers secretly replaced gold assets of citizens with ‘fake gold’ in the lockers.
The revelations were made after the audit of a private bank’s branch in the Gulistan-e-Jauhar area of Karachi where the original gold assets of citizens to acquire loans were replaced with ‘fake gold’ by the bank staffers.
After the discovery, the management conducted the audit of one more suspected branch located in the Gulshan-e-Iqbal area that further exposed the plan of the defrauders.
It emerged that the bank staffers at Gulistan-e-Jauhar acquired a loan worth Rs24 million by giving gold assets as a guarantee for a fake customer. Alongside acquiring the loan.