Six Pakistani Banks Ordered to Compensate Fraud Victims

Web Desk — Six commercial banks in Pakistan have been directed to compensate fraud victims with a total amount exceeding Rs24 million, following a ruling by President Asif Zardari. The decision, announced in a statement from the Presidency, requires these banks to pay restitution to 31 individuals who were defrauded in various banking scams.

The banks ordered to make the payments include United Bank Ltd (UBL), Muslim Commercial Bank (MCB), Allied Bank Ltd (ABL), Bank of Punjab (BOP), Askari Bank Ltd, and Habib Bank Ltd (HBL). These banks are being required to compensate customers who lost their money through fraudulent schemes carried out by criminals posing as bank representatives.

UBL has been instructed to pay Rs11,570,191 to victims after 12 of its appeals were rejected. MCB is to refund Rs5,291,500 following the dismissal of 10 of its appeals. ABL is ordered to return Rs4,049,742 after five of its appeals were turned down.

Bank of Punjab (BOP) has been directed to refund Rs2,315,000 in three separate cases, while Askari Bank Ltd and HBL must pay Rs490,000 and Rs420,000, respectively, in individual cases.

The victims were tricked by fraudsters who impersonated bank officials, obtaining sensitive banking information through misleading phone calls. This information was then used to illegally withdraw funds from the victims’ accounts.

The affected customers, when, sought assistance from their banks, their requests for compensation were initially denied, leading them to file complaints with the Banking Mohtasib, whose rulings were later upheld by the President.