After the story “FIA unearths bank fraud including counterfeiting” appeared in The Express Tribune on February 15, 2023, the Dubai Islamic Bank revealed that it had opened an investigation into its former branch manager.
“In 2022, the Bank opened an investigation against the BM since, at the time, there had been no customer complaint following an internal tip against an ex-Branch Manager. The complainants were informed of the anomalies that the former BM had committed. All of the disparate transactions and the consumers’ personal contact with the former BM, however, belonged to the customers at that time. Additionally, they presented a Loan Agreement dated January 21, 2022, which the bank claimed was verified via a recorded phone call with Mr. Fahad Butt.
It went on to say, “Three pay orders were used to transfer PKR 20.5 million that the Bank had seized from the former employee due to inconsistent activities. On June 3, 2022, the consumers executed an indemnity in favour of the Bank, accepting it as a complete and final settlement, and they committed to the following: 5. We agree to waive any further claims, actions, or demands of any kind against the Bank in exchange for the payment of the above-stated sum, whether directly or indirectly related to the aforementioned full and final settlement.
“Customers were intimidated when they visited the Branch, and the then-Branch Manager was fired from the Bank.” They received written letters verifying their account balances.
The bank went on to state, “But at that point, the complainants made no objections. Customers have approached the bank, claiming embezzlement, about a year and a half after the commitment and indemnification were signed. Despite numerous inquiries, the customers have not provided specifics of any disputed transactions.
The complainant and the ex-BM have personal and business relationships, as evidenced by the initial investigation into the subject. According to the SECP record, they are co-owners of M/s Cartswing (Pvt) Limited. The bank is working closely with the FIA and the complainants, and it will handle any verified legitimate claim appropriately.
