President Asif Ali Zardari has directed six banks to provide financial relief amounting to Rs. 24.136 million to 31 victims of bank fraud.
He issued these directions while deciding on 31 representations filed against the decisions of the Banking Mohtasib. The President upheld the Mohtasib’s rulings in favor of the victims, delivering justice to defrauded banking customers.
Twelve representations filed by United Bank Ltd (UBL) were rejected, with the bank being directed to compensate the victims with Rs 11,570,191. In ten cases, MCB Bank was instructed to refund Rs 5,291,500.
Five representations filed by Allied Bank Ltd (ABL) were dismissed, and the bank was ordered to return Rs 4,049,742 to affected customers.
Three representations by the Bank of Punjab (BOP) were also dismissed, mandating the bank to refund Rs 2,315,000.
Askari Bank Ltd was directed to refund Rs 490,000 in one case, while Habib Bank Ltd (HBL) was instructed to pay Rs 420,000 to a customer in another case.
The victims were defrauded by individuals posing as bank representatives, who acquired sensitive banking details through deceptive phone calls and subsequently drained funds from their accounts. Upon discovering the fraudulent transactions, the customers approached their banks for redress but were denied relief. The affected parties then sought assistance from the Banking Mohtasib, who ruled in their favor. In response, the banks filed separate representations with the President, challenging these decisions.
Hearings were conducted at Aiwan-e-Sadr, and after listening to the petitioners and respondents and reviewing the relevant records, the final decisions were delivered. The rulings reflect the President’s commitment to providing justice and prompt relief to the people.
The President also emphasized the crucial role played by the Banking Mohtasib in safeguarding citizens against the maladministration of commercial banks and financial fraud. He stated that the Banking Mohtasib is a vital institution for the swift resolution of complaints, offering victims timely justice without the burdens of prolonged legal procedures.
The President further encouraged the public to utilize the services of the Banking Mohtasib to address banking disputes and fraudulent activities.
