Senate body calls FIA, SBP officials over Rs410m 'fraud' in Dubai Islamic Bank

Senate body calls FIA, SBP officials over Rs410m 'fraud' in Dubai Islamic Bank

Fahad Butt and his family, who were the victims of this fraud, attended the committee meeting and provided evidence of the alleged wrongdoing
Senate body calls FIA, SBP officials over Rs410m 'fraud' in Dubai Islamic Bank

Web Desk

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18 Jan 2024

In a recent major bank fraud in Pakistan, about Rs410 million has allegedly been stolen from depositors' accounts at a private bank.

The Senate Standing Committee on Finance took notice of the alleged embezzlement and fraud, summoning officials of the Federal Investigation Agency (FIA), State Bank of Pakistan, and Dubai Islamic Bank.

Fahad Butt and his family, who were the victims of the alleged fraud, attended the committee meeting and provided evidence of the alleged wrongdoing.

They explained that they had deposited Rs410 million in their accounts at the private bank in 2017 for a five-year term, and interest had been paid on it from 2017 to 2022. However, in 2023, the bank claimed that the entire amount had been withdrawn through forged checks and signatures.

The family accused the bank manager and employees of working together to withdraw the money, amounting to one hundred thousand dollars in a single day. Despite approaching the State Bank for help, they claimed the authorities were unresponsive.

They further stated that initially the FIA started an inquiry, but now they are harassing them.

The State Bank governor assured the committee that it is the responsibility of the State Bank to protect depositors, and they would take action against the bank to return the money. However, the case was pending in court.

During the meeting, Senator Sadia Abbasi and Salim Mandviwala raised concerns about the State Bank's handling of such cases and urged the summoning of FIA and bank heads to address the issue.

The committee subsequently called for the heads of FIA and banks to respond to the victims' complaint.

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