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Investigating fraud in NBP

Following the revelations of a scam worth billions of rupees in the National Bank of Pakistan (NBP), Minister of Finance Mohammad Ishaq Dar has reportedly taken serious notice asking the relevant authorities to investigate the matter. According to the media revelations, four men led by an Assistant Vice President of the National Bank of Pakistan, responsible for investments running into billions of rupees, defrauded her bank and client withdrawing large amounts from the Abandoned Property Organization’s (APO) account.
The APO was established after 1971 to manage assets of former citizens from what was previously East Pakistan. With investments of approximately Rs 50 billion, half of which is held as cash, the APO had invested most of the amount through the National Bank of Pakistan (NBP) where Assistant Vice President Sadaf Siddiqui was responsible for the investments. With the help of the four APO employees, Ms Siddiqui allegedly prepared fake Pakistan Investment Bonds and encashed them against the APO investments. While the bank reported irregular transactions to the Federal Investigation Agency (FIA) of about Rs 1.5 billion, APO sources are afraid the defrauded amount could run as high as Rs 6 billion. The Finance Minister has tasked the Governor State Bank of Pakistan to investigate the matter and also send a report to the Finance Ministry within three days, so that the issue may further be preceded in accordance with the rules.



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