More arrests made in Karachi bank's Rs750m gold scam case

KARACHI: Karachi police made four more arrests in a private bank’s Rs750 million gold scam case, taking the number of total arrests to 14, ARY News reported on Monday.

Superintendent Police (SP) Investigation East Altaf Hussain said that overall 14 suspects have been arrested after the police recently arrest four more accused in the private bank’s gold scam case.

He added that six bank employees were among the arrested persons who have been taken into custody on the charges of facilitating the financial fraud.

READ: BANK STAFFERS SECRETLY REPLACE GOLD WITH ‘FAKE GOLD’ FROM LOCKERS IN KARACHI

SP Altaf Hussain detailed that the ‘facilitator’ were involved in deceiving people to provide them loans through using their national identity cards for getting the bank loans. The police officer claimed that the accused exposed the way of their financial fraud during the interrogation.

He revealed that the accused used to bring two bags with one containing original gold assets while the other contains fake jewellery to the bank’s branch during the formal process of loans’ approval.

Hussain added that they managed to get NOC by showing the original gold jewellery to the jeweller and later the gold finance executive Adeel Lateef placed artificial jewellery to the bank lockers.

READ: POLICE TEAM CONSTITUTED TO PROBE INTO RS750M GOLD SCAM AT KARACHI BANK

Yesterday, a police investigation team had been constituted to probe into a Rs750 million financial fraud scam by the private bank officials in Karachi.

Earlier on August 6, a unique financial fraud had been unearthed in Karachi as the staffers secretly replaced the 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-Johar area of Karachi where the original gold assets of citizens to acquire loans were replaced with ‘fake gold’ by the bank staffers.

It emerged that the bank staffers at Gulistan-e-Johar acquired a loan worth Rs24 million by giving gold assets as a guarantee for a fake customer. Alongside acquiring the loan, the staffers had secretly replaced the original gold with the fake gold.