Police action saves five banks from Rs800 mln financial fraud

KARACHI: Five private banks have been saved from facing financial fraud worth over Rs800 million following the prompt action of Malir’s Bin Qasim police, ARY News reported on Saturday.

Police officials have exposed the reality behind an alleged rice theft which could give a financial dent worth over Rs800 million to five private banks after providing finance against the pledge to the mill owner.

Senior Superintendent Police (SSP) Malir Irfan Bahadur told the media that the stocks of rice worth millions of rupees have been recovered. He detailed that a mill owner Nand Lal had acquired a pledge loan from five private banks against the stocks of rice stored in the go-down.

The accused has kept transferring the rice stocks to other go-downs from March 27 to 29, using hundreds of trucks to shift sacks of rice. On the other hand, the persons appointed by the banks were asked to go on leave, said the police officer.

Bahadur said that the banks registered five cases of rice theft with the police. The prime suspect Nand Lal committed the theft and financial fraud with the assistance of his aide Akash Kumar.

SSP Malir said that both accused have absconded allegedly after the crime and raids are being conducted to arrest them.