348 tolas of gold replaced with fake; bank cashier arrested

Faisalabad: The Federal Investigation Agency (FIA) has arrested a cashier of the Punjab Provincial Cooperative Bank Limited (PPCBL) and a jeweller for allegedly replacing gold jewellery worth more than Rs53 million with fake and underweight jewellery under the bank’s Gold Finance Scheme.

According to the FIA, the suspects were identified as Abdul Razzaq, a cashier at the PPCBL MamuKanjan banch in Faisalabad district, and Tahir Mahmood, an approved jeweller on the bank’s panel. Both were taken into custody during an operation conducted on the directives of FIA Faisalabad Zone Director Saqib Sultan.

The FIA said a case has been registered against the suspects under multiple provisions of the Prevention of Corruption Act, 1947, and the Pakistan Penal Code. Relevant bank records have also been seized.

Initial investigations revealed serious irregularities in the pledged gold kept by the bank. Authorities found that 17 bags containing around 508 grams of pledged gold were missing.

The inquiry further found that 36 cases involved approximately 1,376.5 grams of completely fake gold, while six cases contained around 244 grams of partially fake gold. In another 48 cases, approximately 1,742.5 grams of gold was found to be underweight.

According to the FIA, a total of 4,056 grams (around 348 tolas) of fake or underweight gold was detected, causing an estimated financial loss of Rs53.36 million to the bank.

The agency said further investigations are underway, adding that more facts are expected to emerge as the probe progresses, FIA spokesperson added.