Two bank officials held for Rs35m fraud

The Federal Investigation Agency (FIA) has arrested two bank officers involved in a Rs 35 million fraud and obtained their four-day physical remand from a court.

The suspects, Usman Khan, a former branch manager, and Shehzad Arif, a former relationship manager, were presented in the court following their arrest and were now under investigation.

According to the FIA, the suspects, along with other bank staff and another man, had orchestrated the scam involving the creation of a fake bank account using forged signatures of an overseas account holder, Fazal Ahmed. They issued a fraudulent cheque book and later transferred $128,500 from the victim's account into their own.

A case under eight sections of the relevant laws has been registered against Aamir Ayaz, Saeed Alvi, Fariha and Hassan Raza.

The investigation was launched following the victim's complaint, which led to the unearthing of the collusion among banking staff.