Pakistan News

    Bank Fraud Cases In Pakistan

  • Rs10m stolen from 559 bank accounts in ATM fraud

    KARACHI: A private bank has confirmed that hundreds of its bank accounts were hacked through ATM (automated teller machine) cards as Federal Investigation Agency (FIA) officials said on Monday they were waiting for more details before launching a probe connecting this with a recent fraudulent activity in which several foreigners had been arrested for allegedly stealing data from banks with skimming devices at ATM facilities...

    The...

  • ‘Missing’ mill managers booked in Rs700m bank fraud case

    Two of them — cane manager Hatim Shar and programme/finance officer Amanullah Shar — along with cane broker Ghulam Mustafa Khatti have been booked by the Khoski police for misappropriating an amount of Rs700-750 million drawn from the local branch of Sindh Bank...

    Mr Jamali stated in his complaint that the two managers in connivance with Mr Khatti unlawfully used the CNICs of over 100 farmers and growers to draw the amount from the...

  • Affected growers seek probe into ‘bank fraud’

    BADIN: A number of growers and tillers whose CNICs and land documents were used by two managers of Khoski Sugar Mills in obtaining agricultural loans for them from the Sindh Bank have demanded arrest of all those involved in the fraudulent act...

    Meanwhile, two mill managers, Hatim Shar and Amanullah Shar, and a cane broker, Ghulam Mustafa Khatti, remained unaccounted for till Saturday evening after they were reportedly picked up by...

  • ‘Bank fraud’ suspect gets pre-arrest bail

    BADIN: A cane broker who had reportedly gone into hiding amid the ongoing probe into the alleged misappropriation of Rs700-750 million and bank fraud has obtained his pre-arrest bail while two other suspects believed to be at the centre of the scam remained unaccounted for after being whisked away by the CIA police in Khoski town a few days back, it was learnt...

    The broker, Gulam Mustafa Khatti, along with the two managers was booked...

  • Bank fraud suspects re-emerge after ‘mysterious’ disappearance

    BADIN: The two managers of Khoski Sugar Mills who were booked a few days ago for allegedly defrauding around 200 growers and misappropriating Rs700-750 million drawn from the local branch of the Sindh Bank have been let off while the CIA police remained tight-lipped over media reports that the suspects had been whisked away and interrogated at the CIA centre and then the police station in the town...

    It was earlier reported that CIA...

  • ‘Bank fraud FIR may be quashed’

    The two managers, Hatim Shar and Amanullah Shar, along with the broker, Ghulam Mustafa Khatti, were booked a couple of days after they were reportedly whisked away by CIA personnel and interrogated over their role in defrauding the local branch of the Sindh Bank and around 200 growers...

  • ‘CEO fraud’ and Bangladesh Bank

    IN a surreal digital theft that befits a high-octane movie thriller, we were recently informed of the daring heist at Bangladesh Bank in which nearly a billion dollars were siphoned off last month...

    As if this was not enough, the theft took place over several days early February through a series of about three dozen electronic fund transfers from the bank to New York Federal Reserve for a total amount anywhere between $850 million to...

  • Bank officer sent to jail, fined for fraud

    HYDERABAD: An accountability court sentenced a bank officer to seven years of imprisonment on Tuesday and imposed a fine equivalent to the misappropriated amount of Rs845,000...

    Judge Aijaz Ali Khaskheli convicted Ghulam Mustafa, an officer at the Khipro branch of a bank, after the charge against him of embezzling Rs845,000 of various account-holders along with a co-accused was proved...

  • Police get two days to produce ‘bank fraud’ suspects in court

    BADIN: Khoski police were on Monday given two days to produce two bank fraud suspects along with a third suspect in court amid reports that the higher police authorities of the district had decided to quash an FIR registered against the two...

    The FIR registered on June 18 accused Hatim Shar and Ammanullah Shar of defrauding the local branch of the Sindh Bank using around 200 CNICs of growers to draw Rs700-750 million...

  • Swiss bank UBS to be tried in France over tax fraud

    PARIS: Swiss banking giant UBS will go on trial in France for establishing a wide-ranging tax fraud scheme totalling billions of euros, legal sources told AFP on Monday...

    UBS will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS’s French subsidiary will also go on trial for complicity...

  • India suspends passport of billionaire jeweller accused of bank fraud

    India said on Friday it had suspended the passports of a billionaire jeweller and a diamond merchant accused of defrauding a state-run bank after reports they had left the country...

    India's financial crimes agency is investigating allegations that Nirav Modi and his business partner Mehul Choksi were involved in defrauding the Punjab National Bank (PNB)...

  • Fraud-hit lender posts largest ever Indian bank loss

    MUMBAI: Shares in fraud-hit Punjab National Bank plunged more than 12 per cent on Wednesday after it posted the largest ever quarterly loss for an Indian lender...

    PNB, the country’s second-biggest state-run bank, has been reeling since announcing in February that it had been the victim of a 135 billion rupee ($2bn) scam involving celebrity jeweller Nirav Modi...

  • Six Chinese men indicted in ATM-skimming fraud cases

    KARACHI: A sessions court has indicted six Chinese nationals in cases pertaining to ATM-skimming fraud...

    The six men — Zhang Qiaocheng, Zhong Showen, Liu Liming, Xiao Jianjun, Zhu Yu Ping and Zeng Chun You — have been booked and arrested for allegedly committing electronic crimes, fraud and forgery between 2016 and 2018...

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