In a significant ruling, six major Pakistani banks have been directed to compensate victims of banking fraud with over Rs24 million. This decision, announced by President Asif Zardari, comes as a relief to 31 defrauded customers who had been battling for justice after falling victim to financial scams.
The order follows a comprehensive review of appeals filed by the banks against earlier decisions by the Banking Mohtasib. The Banking Mohtasib had initially ruled in favor of the customers, recognizing their losses and urging the banks to take responsibility. President Zardari’s intervention solidifies those rulings, ensuring that the victims receive their due compensation.
Among the banks involved, United Bank Ltd (UBL) has been ordered to pay the largest sum, amounting to Rs11,570,191, after 12 appeals from the bank were rejected. Muslim Commercial Bank (MCB) follows with a compensation amount of Rs5,291,500 in 10 cases. Allied Bank Ltd (ABL) has been instructed to refund Rs4,049,742 across five appeals, while Bank of Punjab (BOP) will return Rs2,315,000 to victims in three cases.
Additionally, Askari Bank Ltd and Habib Bank Ltd (HBL) were directed to pay Rs490,000 and Rs420,000, respectively, in individual fraud cases. The total compensation of Rs24.136 million underscores the scale of the fraud and the importance of addressing such financial crimes promptly and decisively.
The fraudsters, posing as bank representatives, exploited unsuspecting customers by tricking them into sharing sensitive banking details through deceptive phone calls. Once these details were obtained, the scammers drained funds from the victims’ accounts. When the victims approached their respective banks for assistance, they were met with denial, leaving them no choice but to escalate their cases to the Banking Mohtasib.
This landmark decision not only ensures justice for the victims but also sends a strong message to financial institutions about the need for enhanced security measures. Banks must prioritize customer protection, strengthen their fraud detection systems, and educate account holders about recognizing and avoiding scams.
The compensation ruling is a step in the right direction for customer rights in Pakistan’s banking sector. It highlights the critical role of regulatory bodies like the Banking Mohtasib and reinforces the importance of holding banks accountable for safeguarding their customers’ interests.
As this case unfolds, it serves as a reminder to all banking customers to remain vigilant against potential scams and report any suspicious activity immediately. Meanwhile, the involved banks must take proactive measures to restore trust and prevent such incidents in the future. This decisive action by the Presidency ensures that victims are not left helpless and that justice is served for those affected by fraud.
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