Six banks ordered to refund Rs24.136 million to fraud victims

ISLAMABAD: President Asif Ali Zardari has directed six banks to provide financial relief amounting to Rs24.136 million to 31 victims of bank fraud.

He gave these directions while deciding upon 31 representations filed against the decisions of the Banking Mohtasib, according to a President’s Office news release.

The President upheld the Mohtasib’s decisions in favour of the victims, delivering justice for the defrauded banking customers.

Twelve representations filed by United Bank Ltd (UBL) were rejected, with the bank being directed to compensate the victims with Rs11,570,191.

In ten cases, Muslim Commercial Bank (MCB) was instructed to refund Rs5,291,500.

Five representations filed by Allied Bank Ltd (ABL) were dismissed, and the bank ordered to return Rs4,049,742 to affected customers.

Three representations by the Bank of Punjab (BOP) were also dismissed, mandating the bank to refund Rs2,315,000.

Askari Bank Ltd was directed to refund Rs490,000 in one case, while Habib Bank Ltd (HBL) was instructed to pay Rs420,000 to a customer in another case.

The victims were defrauded by individuals posing as bank representatives, who acquired sensitive banking details through deceptive phone calls and subsequently drained funds from their accounts.

Upon discovering the fraudulent transactions, the customers approached their banks for redress but were denied relief.

The affected parties then sought relief through the Banking Mohtasib, who ruled in their favour.

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In response, the banks filed separate representations with the President, challenging these decisions.

Hearings were conducted at Aiwan-e-Sadr, and after listening to the petitioners and respondents and perusing the relevant record, the final decisions were delivered which reflect the President’s commitment to providing justice and prompt relief to the people.

The President also emphasised the crucial role played by the Banking Mohtasib in safeguarding citizens against the maladministration of commercial banks and financial fraud.

He said that the Banking Mohtasib was a vital institution for the swift resolution of complaints, offering victims timely justice without the burdens of prolonged legal procedures.

The President has also encouraged the public to utilize the services of the Banking Mohtasib to address banking disputes and fraudulent activities.