Fraud detected in RYK bank branch

Administration of Faysal Bank moved to dismiss three of its employees in its car financing department.

RAHIM YAR KHAN: The administration of the Faysal Bank moved on Saturday to dismiss three of its employees in its car financing department in Rahimyar Khan after detecting “misappropriation of more than Rs20 million”.

It is learnt that bank records rgarding down payments, installments and auction of the cars were tampered. The bank administration said it is preparing a list of customers affected by the “fraud”. Rana Waqas, Mian Adnan and Zahid Lashari were identified as the employees involved in the fraud. An affected consumer, Rashid Riaz, told Express that these bank employees stole the money deposited against installments and other such heads. They also used to issue fake NOCs and drew cash against cheques signed by bank’s customers. He said that bungling was detected in car auction as well. The bank’s branch manager Mian Muhammad Amjad told Express that the fraud was not in millions but several hundreds of thousands.

Published in The Express Tribune, November 28^th, 2010.