KARACHI: Media
reports have implied that a fraud of Rupees 1.5 billion was committed at
National Bank of Pakistan and that the bank incurred a loss of this amount.
National Bank of Pakistan firmly denies these allegations.
In some media reports it is also implied that National Bank of
Pakistan has caused a loss to our valued client, Abandoned Properties
Organization (APO). We again categorically deny these allegations. National Bank
of Pakistan has acted upon the client’s instructions with respect to the
activities in the APO account.
In the course of several banking transactions in 2014-2016,
valid instructions were received from APO’s Authorized Signatories. The
client’s instructions requested National Bank of Pakistan to remit the funds to
Habib Bank Limited (HBL) for onward credit to Abandoned Properties
Organization. After carrying out the appropriate level of due diligence,
National Bank of Pakistan remitted these funds in accordance with the client’s
instructions, using the RTGS system, a secure electronic payment prevalent in
the country.
However, very recently we received a query from Abandoned
Properties Organization concerning their account activity, and within a few
days, National Bank of Pakistan completed an investigation which uncovered the
fact that Habib Bank did not credit the client with the funds in accordance
with the instructions that National Bank of Pakistan provided in the RTGS
instructions.
National Bank of Pakistan acted swiftly and registered a case
with the FIA. Several people have been apprehended by the FIA, including at
least 4 past and present senior officials from APO (having the authority to
operate their account with National Bank of Pakistan); one or more Habib Bank
officials; and a junior executive of National Bank of Pakistan. This lady has
been suspended by the bank and does not represent the bank in any capacity. She
remains in the FIA’s custody.
National Bank of Pakistan is fully cooperating with the
regulatory and investigative agencies in this case and is committed to securing
the interests of its valued client, Abandoned Properties Organization.
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