President directs banks to refund millions to fraud victims
Several commercial banks, including Allied Bank and Muslim Commercial Bank
(MCB), have been instructed to compensate victims of bank fraud following a
review of appeals filed against the rulings of the Banking Mohtasib.
The affected individuals had reported fraudulent transactions carried out
through their accounts, where criminals impersonated bank representatives. As a
result, President Asif Zardari ordered the return of Rs. 24.13 million to 31
victims who were defrauded by these scammers.
In his ruling, the President upheld the decisions of the Banking Ombudsman,
reaffirming his commitment to providing swift relief to the public. He also
dismissed 12 petitions filed by United Bank Limited (UBL) and directed the bank
to return Rs. 11.5 million to 12 affected customers.
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Additionally, Muslim Commercial Bank was ordered to refund over Rs. 5.2
million to 10 victims, while Allied Bank Limited had five of its petitions
rejected, with the bank instructed to return over Rs. 4 million to its affected
clients.
The President also dismissed three petitions from the Bank of Punjab,
ordering it to return more than Rs. 2.3 million to three customers. Askari Bank
Limited was instructed to refund Rs. 490,000 in one case, and HBL was directed
to repay Rs. 420,000 to an affected individual.
The fraud victims were initially deceived by criminals posing as bank
officials who used fraudulent phone calls to obtain sensitive banking
information, enabling them to withdraw money from the victims’ accounts. When
the banks failed to provide relief, the victims sought assistance from the
Banking Ombudsman.
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After the banks filed appeals against the Ombudsman’s rulings, the President
reviewed the cases and issued final decisions in favor of the victims.
This action underscores the President’s continued commitment to protecting
citizens from financial fraud and ensuring justice for affected individuals.
Source: Pakistan Observer