Court grants bail to 4 bankers in Rs330 Million fraud case

A banking court on Wednesday approved the bail of four bankers accused in a Rs330 million fraud case involving the issuance of a fake cheque book and unauthorized transfer of funds into an account.

KARACHI: A banking court on Wednesday approved the bail of four bankers accused in a Rs330 million fraud case involving the issuance of a fake cheque book and unauthorized transfer of funds into an account.

The case was heard at the Special Banking Court in Karachi, where the judge granted bail to the accused and directed each of them to submit surety bonds worth Rs200,000.

The accused include Ayesha Khalid, Rana Shahaan, Aman, and Amberin. They were arrested in April by the Federal Investigation Agency (FIA) Banking Circle in connection with the alleged financial fraud.

According to the prosecution, the main accused, Atif Naqvi, is currently in jail. Investigators claim that he, with the alleged assistance of private bank officials, managed to obtain a fake cheque book in the name of a private power company. Using the forged instruments, he facilitated the transfer of Rs330 million into a bank account.

The prosecution further stated that after the transfer of funds, the bank administration contacted the concerned power company to verify the transaction. The company reportedly denied issuing any such cheque, stating that no authorization had been given for the transfer.

Officials said the account of the private power company is registered in the Khayaban-e-Shahbaz area of Karachi. The case centers on allegations that bank officials colluded in issuing fraudulent banking instruments, enabling the illegal movement of large sums of money.

Following the discovery of the alleged fraud, the FIA initiated an investigation and arrested multiple individuals connected to the case. The inquiry is ongoing, with authorities examining financial records, banking procedures, and communication between the accused and bank staff.

The court’s decision to grant bail does not conclude the case, and further proceedings will continue as the prosecution prepares its evidence against the accused.

Officials maintain that the investigation is focused on uncovering the full network behind the fraud, including any institutional lapses or internal involvement that may have facilitated the transaction.

The case highlights ongoing concerns over banking security and internal oversight in financial institutions, particularly in cases involving large corporate accounts and high-value transactions.

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