At least six commercial banks have been instructed to pay over Rs24 million in compensation following a fraud ruling by President Asif Zardari.
A statement from the Presidency directed these banks to compensate 31 victims of fraud, totaling Rs24.136 million. The ruling followed a review of appeals filed against previous decisions by the Banking Mohtasib, who had sided with the defrauded customers.
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The banks involved 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), all ordered to refund money to victims of different scams.
UBL will compensate Rs11,570,191 after 12 of its appeals were rejected, while MCB is required to refund Rs5,291,500 following the dismissal of 10 appeals. ABL must return Rs4,049,742 after five appeals were rejected.
BOP was instructed to refund Rs2,315,000 in three cases, and Askari Bank Ltd and HBL were ordered to pay Rs490,000 and Rs420,000, respectively, in individual cases. The fraud involved scammers posing as bank representatives, deceiving customers into sharing sensitive information, which was then used to steal funds from their accounts.
