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India’s Punjab Bank to shutter most operations in fraud-hit branch

MUMBAI: India's Punjab National Bank (PNB) is closing nearly all its operations in a Mumbai branch that was at the heart of a $2 billion fraud, according to four sources with knowledge of the decision. The move to downsize the Brady House branch, which has come to symbolise the biggest banking scandal in the country’s history, comes as India’s second-largest state lender seeks to tighten controls and restore its reputation. The 123-year-old bank has lost more than half its market value since the fraud came to light in…

Bank of Punjab fraud case suspect imprisoned, fined Rs540mn

LAHORE: An accountability court on Wednesday sentenced the main accused in the Bank of Punjab fraud case to two-and-half years in prison and 540 million rupees in compensation. Accountability court judge Khaqan Babar heard the case against main accused Harris Afzal. The state prosecutor informed the court that the suspect illegally sold seized properties and vehicles in Dubai on behalf of the bank worth Rs540 million. The suspect also sold vehicles owned by worth millions of rupees at meager rates. He had submitted an…

FBR seeks banks’ support for income tax return filing

ISLAMABAD: As part of an outreach programme to boost the filing of Income Tax returns, Federal Board of Revenue (FBR) has started contacting the country’s banks and financial institutions. “FBR has decided to work closely with the large multinationals and corporations of the country to build a friendly interface with them and provide them with all assistance and facilitation in all areas of taxation,” an FBR official stated during a meeting with Bank of Punjab (BoP) President Naeemuddin. A team of FBR’s facilitation…

Uber to bring green, yellow cabs customers on board in Punjab

LAHORE: The ride-hailing company Uber has signed an Memorandum of Undestanding with the Bank of Punjab to bring Green Cab and Yellow Cab customers under the Uber platform. Both parties have consented to work together for over 50,000 Green Cab and Yellow Cab customers and help them in their economic uplift and improve their ability to earn more. Safee Shah, GM Uber Pakistan said the partnership builds further on the flexibility, entrepreneurial opportunity and earning potential of Uber’s innovative technology along with…