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Fraud and Embezzlement of Over Rs 1.12 Billion Exposed at National Bank’s Phuleli Branch
Fraud of over Rs 1.12 billion revealed at National Bank's Phuleli branch in Hyderabad. Seven officers, including a VP and regional manager, implicated in creating fake accounts and checkbooks.
ND
by News Desk
2024-07-25
Fraud and Embezzlement of Over Rs 1.12 Billion Exposed at National Bank’s Phuleli Branch

A special audit report has revealed a massive fraud involving Rs 1.12 billion at the National Bank’s Phuleli branch in Hyderabad. The embezzlement and fraud, which involved creating bogus checkbooks and fake bank accounts, was committed by seven officers, including a vice president, a regional manager, and several grade one and two officers.
The fraudulent activities, which spanned across branches in Faisalabad, Karachi, and Hyderabad, involved manipulating financial records and accounts to siphon off large sums of money. The audit has recommended taking strict action against the responsible officers, and the National Bank has confirmed the fraud. The bank is cooperating with the audit team, which has requested copies of the relevant records for further investigation.
The revelation of this significant financial misconduct underscores the need for stringent oversight and internal controls within major financial institutions to prevent such large-scale frauds and ensure accountability.
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FinancialCrime

NationalBank

BankFraud
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