FAISALABAD (Kashmir English): The Federal Investigation Agency (FIA) has arrested a Punjab Provincial Cooperative Bank Limited (PPCBL) cashier and a jeweller for allegedly replacing gold jewellery with fake and underweight jewellery pledged under the bank’s Gold Finance Scheme.
According to the FIA Faisalabad, the suspects were identified as Abdul Razzaq, a cashier at the PPCBL Mamu Kanjan banch in Faisalabad district, and Tahir Mahmood, an approved jeweller on the bank’s panel.
Both have been taken into custody during an FIA operation.
According to the FIA, a case has been registered against the suspects under multiple provisions of the Prevention of Corruption Act, 1947, and the Pakistan Penal Code. Relevant bank records have also been seized.
Initial investigations revealed serious irregularities in keeping the pledged gold by the bank. The investigators found that 17 bags containing around 508 grams of pledged gold were missing from the lockers.
The inquiry further found 36 cases involving approximately 1,376.5 grams of completely fake gold, while six cases revolved around 244 grams of partially fake gold.
In another 48 cases, approximately 1,742.5 grams of gold was found to be underweight.
Underweight gold
According to the FIA, a total of around 348 tolas of fake or underweight gold was detected, causing an estimated financial loss of Rs53.36 million to the bank.
The FIA said further investigations are underway, adding that more facts are expected to emerge as the probe progresses.
