By Our Correspondent
ISLAMABAD – The Federal Investigation Agency (FIA) has arrested four individuals, including two employees of the National Bank of Pakistan, in connection with a multi-million-rupee banking and financial fraud in Lahore.
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According to the FIA, the operation was conducted by the Commercial Banking Circle, targeting individuals involved in fraudulent loan approvals and fake insurance documentation.
Lahore FIA Banking Circle SHO Irfan Khan and his team the arrested suspects that included Mahmood Al-Hassan and Zeeshan Ishaq, both serving as Agriculture Finance Officers at the bank, Arshad Ali Tabassum, employed with a private insurance company as Tag Master, and Bashir Ahmed, whose bank account was used to transfer the fraudulent funds.
The suspects allegedly collaborated to create fake documents, facilitating the approval of a loan in the name of a citizen. Additionally, Tabassum prepared a fraudulent Life Stock Insurance Proposal Form, recording 16 non-existent buffaloes, while the misappropriated funds were shared among the conspirators.
The FIA has launched a full investigation into the case.
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