Islamabad – Muslim Commercial Bank (MCB) Bank Limited is making headlines yet again, this time for alleged banking fraud incidents. The President of Pakistan has taken notice of the situation and directed the commercial bank to launch a thorough investigation into corrupt officials implicated in the scams and ensure the return of funds to affected customers.
The bank fraud incident, originating in Jhang, has reached the highest echelons of the government, prompting Dr. Arif Alvi, the President of Pakistan, to instruct MCB to conduct a comprehensive inquiry.
The directive includes initiating criminal proceedings against the alleged corrupt officials, involving the registration of cases to address the wrongdoing. The President is keen on ensuring accountability and justice in this matter.
The President made a decisive move in response to a representation submitted by Muslim Commercial Bank (MCB), challenging the ruling of the Banking Mohtasib. The dispute revolves around the Banking Mohtasib’s directive for the bank to disburse a sum of Rs3.093 million to the complainant.
In considering the representation, the President issued specific orders, indicating a careful and deliberate approach to address the matter. This underscores the importance of a thorough examination of the case and a fair resolution that adheres to legal principles.
The President’s involvement demonstrates a commitment to upholding justice and ensuring a just outcome in the dispute between MCB and the complainant.
A customer, who fell victim to a sophisticated scam resulting in a substantial decrease in their account balance, raised a complaint after discovering that over 290 deposit slips totaling Rs3.09 Million had not been credited to their account.
In an attempt to resolve the issue amicably, the distressed customer approached the bank. However, MCB rejected their claim, asserting that the implicated staff member was employed by a third-party organization, which had already filed a First Information Report (FIR) against the individual.
To the customer’s astonishment, MCB disclaimed responsibility for personal transactions between the customer and the implicated staff member, emphasizing that they were not accountable for such individual dealings.
This stance adds a layer of complexity to the situation and highlights the intricacies involved in navigating the aftermath of the scam for the affected customer.
Subsequently, the customer pursued relief through the Banking Mohtasib to recover the amount. Responding to the complaint, the Banking Mohtasib not only acknowledged the grievance but also issued a directive for MCB to reimburse the complainant’s account with a sum of Rs3.093 million.
However, MCB opted to challenge the decision by filing a representation against the Banking Mohtasib’s ruling. The case then reached the President, who personally conducted a hearing at Aiwan-e-Sadr and ultimately rejected the bank’s representation.
President Alvi, in upholding the Banking Mohtasib’s decision, criticized MCB for violating its own standard operating procedures (SOPs).
He pointed out irregularities such as the introduction of a new system for signing deposit slips, the application of a Utility Bills Received stamp without corresponding cash transactions, and the collection of cash from customers at their business locations.
This underscores the importance of adherence to established procedures and transparency in financial dealings.