President Directs to Probe MCB Scam

By Newztodays Team

President Dr. Arif Alvi has instructed the Muslim Commercial Bank (MCB) to conduct a thorough investigation into allegations of corruption involving officials at the Gojra Road Branch, Jhang.

The implicated officials are accused of fraudulent activities leading to a substantial financial loss for a customer, totaling Rs 3.093 million.

The President has directed the MCB to take legal action, including the filing of FIRs, against the individuals involved in the scam and to promptly reimburse the affected customer.

The President’s decision came in response to a representation filed by the MCB, contesting Banking Mohtasib’s directive to compensate the complainant with the sum of Rs 3.093 million. Pakistan Banks’ Earnings Surged by 95% in 3Q2023

The complainants, Mr. Muhammad Munir Ahmed and others, held a joint account at the MCB’s Gojra Road Branch, Jhang Saddar. Their grievance centered around the discovery of a significant shortfall in their account balance during a reconciliation in March 2021. They alleged that 292 deposit slips, amounting to Rs. 3,941,660, were not credited to their account, despite possessing valid deposit slips endorsed by bank officials.

The bank’s initial rejection of the claim was based on the assertion that a Tea Boy, unaffiliated with the bank but responsible for cash collection, had mishandled the deposits.

The deposit slips were stamped with “Utility Bills Received” instead of the appropriate “Cash Received” stamp.  Dissatisfied with the bank’s response, the complainants sought recourse with the Banking Mohtasib, who ruled in their favor, instructing the bank to credit their account with Rs 3.093 million within 40 days.