71 arrested as mega fraud rocks Bank of Punjab

By Our Correspondent

LAHORE: Authorities have uncovered a multi-million-rupee fraud linked to the Punjab government’s flagship Asaan Karobar Scheme, after alleged exploitation of loopholes in the Bank of Punjab’s (BOP) systems, officials said.

Read also: FIA arrests four in National Bank of Pakistan fraud case involving fake loans and insurance claims

The National Counter-Cyber Crime Investigation Agency (NCCIA) registered a case on the complaint of the Bank of Punjab and has so far arrested 71 suspects, while efforts are underway to trace and apprehend more individuals allegedly connected to the scam. The case was initially registered against 24 men and women, most of whom are reported to be from Punjab.

According to investigators, the case was lodged on the statement of a field collection officer of BOP, following the detection of suspicious financial activities. Authorities maintain that the matter is under investigation and that liability will be determined strictly in accordance with law, in line with the Prevention of Electronic Crimes Act (PECA).

The Punjab government launched the Asaan Karobar Scheme in January 2025 under Chief Minister Maryam Nawaz Sharif to support small and medium enterprises (SMEs) through interest-free financing, with the aim of boosting entrepreneurship, job creation and exports. The initiative includes Asaan Karobar Finance, offering zero-interest loans of up to Rs30 million, and the Asaan Karobar Card, providing interest-free revolving credit of up to Rs1 million for micro and small businesses.

Meanwhile, the Bank of Punjab has strongly rejected reports circulating on social media and in some media outlets claiming a cyberattack on its systems, terming them inaccurate and misleading. In an official statement, BOP clarified that routine monitoring had identified irregular credit card transactions, which were traced to a temporary technical glitch rather than any cyber intrusion.

The bank emphasized that the affected transactions were not linked to the Asaan Karobar Card or any other government scheme and involved only a limited group of existing credit card holders. It said the system gap has since been rectified, recovery processes are underway, and most affected customers have already begun settling over-limit amounts.

BOP further stated that figures being quoted about the alleged financial impact are speculative and exaggerated, adding that the situation remains manageable. Customers not contacted by the bank, it said, are unaffected and face no risk.

The bank also advised the public to remain vigilant against fraud, deal only with verified bank officials, and avoid engaging with individuals of doubtful credibility, as part of its broader awareness campaign against cyber-related financial crimes.