Police have registered a case against seven employees of a cooperative bank on charges of embezzling over Rs16.5 million by keeping fake gold in bags as collateral.
The bank administration has suspended the employees including a branch manager, while an audit team has started an investigation.
According to officials, a customer, Sajid Basheer Fatiana, had obtained loan by depositing gold as collateral.
When the customer asked for his jewellery after repaying the loan amounting to Rs506,696, a senior officer took out the jewellery from the bag, but the bank's goldsmith declared it fake.
A team from Lahore conducted an inquiry and found 533 grams of fake jewellery in the bags with bogus documents dated December 6 and November last year.
The manager Amanat Ali, Noman Akram, Faryal, Zafar Iqbal, two guards, a messenger and a goldsmith are suspected to being involved in putting fake jewelry in the bags and sealing them.
Harappa police registered a case against the suspects under Section 420, 468, 471 and 408 on the complaint of Nazeer Ahmad, a senior vice president of the bank.
Local police officials said the suspects had not been arrested so far but an investigation was under way.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ