LAHORE, Nov 14 (APP/DNA): The Federal Investigation Agency (FIA) Commercial Banking Circle Lahore on Friday carried out a major operation against individuals involved in banking fraud,arresting four suspects,including two employees of a commercial bank, for their role in a financial scam worth millions of rupees.
According to the FIA spokesperson,the suspects Mahmood-ul-Hassan,Zeeshan Ishaq,Arshad Ali Tabassum and Bashir Ahmed were involved in approving a fraudulent loan of Rs. 3.9 million through fake documentation.
Mahmood-ul-Hassan and Zeeshan Ishaq,who were serving as Agriculture Finance Officers at the commercial bank, allegedly prepared forged documents and approved a bogus loan in the name of a citizen.
Further investigation revealed that suspect Arshad Ali Tabassum,employed as a Tag Master in a private insurance company,prepared a fake Livestock Insurance Proposal Form and falsely recorded tags for 16 non-existent buffaloes to support the fraudulent loan.
The fourth suspect,Bashir Ahmed,received the fraudulently obtained funds in his bank account, after which the accused distributed the amount among themselves.
All suspects have been arrested and further investigation has been initiated.
