President orders Rs24mn financial relief to 31 bank fraud victims

December 31, 2024 (MLN): Six banks have been directed to provide financial relief amounting to Rs24.13 million to 31 victims of bank fraud, as ordered by President Asif Ali Zardari.

He gave these directions while deciding upon 31 representations filed against the decisions of the Banking Mohtasib, as per the press release issued.

The President upheld Mohtasib's decisions in favor 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 Rs11.57mn.

In ten cases, Muslim Commercial Bank (MCB) was instructed to refund Rs5.29mn.

Five representations filed by Allied Bank Ltd (ABL) were dismissed, and the bank ordered to return Rs4.05mn to affected customers.

Three representations by the Bank of Punjab (BOP) were also dismissed, mandating the bank to refund Rs2.31mn.

Askari Bank Ltd (AKBL) was directed to refund Rs0.49mn in one case, while Habib Bank Ltd (HBL) was instructed to pay Rs0.42mn 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 sought relief through the Banking Mohtasib, who ruled in their favor.

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.

The decisions reflect the President’s commitment to providing justice and prompt relief to the people.

The President also emphasized 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 swiftly resolving 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.

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