ISLAMABAD: President Dr Arif Alvi upheld decision of Banking Mohtasib (BM) and directed Silk Bank Ltd (SBL) to refund Rs 200,000 to a victim of bank fraud along with remaining profit till date the amount is credited to his bank account.

President said private bank had committed maladministration by failing to appoint honest officials at its bank branch and unjustly withholding profit amount. Alvi gave these directions while rejecting a representation of Silk Bank against BM’s decision in a case where complainant Muhammad Shafiq, a citizen of Multan had invested Rs 200,000 in Term Deposit Receipt with bank. However, he was only paid profit for six months and when he went to withdraw remaining profit from his account, he was informed that his TDR was fake and he had been “hoodwinked” by ex-branch operations manager.

He said bank was “responsible for any document signed by its employee on purportedly bank’s stationery with a stamp of bank”. He added that there was “no litmus test” for general public to differentiate between original and fake stationery of bank.  

He remarked that it was not duty of customer to scrutinise records and internal processes of a bank and to ascertain whether profit was credited to his account by bank by routing through bank’s books. “It is a case of wrongdoing and maladministration by bank officials. Bank is, therefore, responsible to make good loss of complainant without further delay,” Alvi added.

Published in The Daily National Courier, October, 17 2022

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