The area manager of a bank in Madina town fled abroad after allegedly embezzling Rs5 billion from account holders. The affected customers submitted complaints to the FIA, upon which FIA and bank teams started jointly investigating the matter.
Police said staff from eight bank branches were allegedly working in connivance with the area manager.
Raja Amir Kayani, the area manager of the bank and the son-in-law of a political figure, allegedly lured over 500 account holders to give more profit on less money and gave them fake receipts. This fraud took place over five months. Kayani and his accomplices reportedly fled to America with an amount Rs5 billion, prompting the account holders to reach out to law enforcement.
FIA teams reached Faisalabad on Friday and started investigating the matter by taking the records of the private bank into their custody. Many of the affected account holders handed over their millions of rupees to the area manager under false promises of greater profit. According to sources, after the FIA investigation, it was found that over 500 account holders and five bank branches were involved in the case.
Published in The Express Tribune, September 9th, 2023.
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