ISLAMABAD : In a massive fraud of Rs 260 million in two branches of Zarai Tarqiati Bank, no recovery has been made so for in respect of looted money despite registration of cases against the employees found involved in the scam.
This mammoth fraud was committed in Norang and Haidri branches of respective bank at Sindh. The MCOs and other staffers are stated to be involved in this scandal.
According to official documents State Bank of Pakistan had imposed fine of Rs 23.70 million on this bank which has been collected from the farming community so far. On the other hand 118 people were appointed in Kissan Support Company contrary to the rules and regulations. A huge sum of Rs 100 million was distributed among these employees by the bank.
As per report the bank authorities have disbursed loan amounting to Rs 10 million to defaulters and the farmers who have failed to pay back previous loan. This act caused a heavy financial loss to the bank.
Bank president has appointed a blue eyed person in Bank Motasib without the permission of Prime Minister to deal with the bank cases. His pay has been fixed Rs 4.50 lac and overall more than 7.5 million rupees have been disbursed to this person.
The report disclosed that Ban president has inflicted colossal financial loss on national kitty by appointing a close man of HR Consultant at the monthly salary of Rs 5 lac.
The bank authorities instead of providing loans to farming community invested Rs 16 billion in other commercial banks and they are devouring its profit.
Zariyee bank obtains loan of Rs 60 billion from state bank at the interest rate of 4 percent and lends to the farmers at interest rate of 15 percent. This move has been declared unjust and inequitable.
