Misappropriating funds: Banker sentenced to 14 years in prison

Syed Altaf Shah, a teller at United Bank Limited, was convicted of misappropriating Rs12.9million deposited by Ufone

KARACHI: An accountability court sentenced on Monday a banker to 14 years in prison after convicting him of embezzling a client’s money amounting to millions of rupees. Syed Altaf Shah, a teller at United Bank Limited, was convicted of misappropriating Rs12.9million deposited by a telecommunications company, Ufone. According to the prosecution, Shah was handed the said amount by Ufone employees to deposit it in the company’s account. Instead, he stamped the vouchers but did not deposit the money. They were 91 slips worth Rs 12.997 million. The case surfaced when the company’s representatives realised that its account was never deposited with the money denoted in the slips. An inquiry was initiated into the scam and Shah was arrested on suspicion.

Published in The Express Tribune, November 3^rd, 2015.