ISLAMABAD – At least six commercial banks are directed to pay over Rs24 Million in compensation after a fraud ruling by President Asif Zardari.
A statement issued by Presidency directed six banks to compensate 31 victims of bank fraud, totaling Rs24.136 million. The decision comes after a review of 31 appeals against the rulings of the Banking Mohtasib, who had previously sided with the defrauded customers.
United Bank Ltd (UBL), Muslim Commercial Bank (MCB), Allied Bank Ltd (ABL), Bank of Punjab (BOP), Askari Bank Ltd, and Habib Bank Ltd (HBL) will pay millions to customers who were deprived of their money in different scams.
UBL will pay Rs11,570,191 to the victims after 12 of its appeals were rejected. MCB was ordered to refund Rs5,291,500 after 10 of its appeals were dismissed. ABL was told to return Rs4,049,742 following the rejection of five of its appeals.
Bank of Punjab BOP was also directed to refund Rs2,315,000 in three cases. Askari Bank Ltd and HBL were instructed to pay Rs490,000 and Rs420,000, respectively, in individual cases.
The victims were scammed by fraudsters posing as bank representatives who obtained sensitive banking details through deceptive phone calls, which were then used to drain funds from their accounts. When these customers sought redress from their banks, their requests were denied, prompting them to approach the Banking Mohtasib.
