JS Bank staffers held for fraud in Karachi

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Police officials have busted employees of JS bank involved in replacing gold assets of citizens with fake gold in the lockers.

Police officials in the jurisdiction of Shah Faisal and Aziz Bhatti police stations have arrested seven bank staffers involved in financial scams.

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According to the source, the management of JS bank lodged two separate cases at Shah Faisal and Aziz Bhatti police stations against bank employees involved in financial fraud. The nominated persons include five managers of operations, relationship, counter service, gold finance executive and fake customers, it was learnt.

The fraud was unearthed in the Gulistan-e-Johar area of Karachi where the original gold assets of citizens to acquire loans were replaced with ‘fake gold’ by the bank employees.

The bank management further exposed the plan of the defrauders by auditing another branch of JS bank in the area of Gulshan-e-Iqbal.

The modus operandi of defrauders was unique this time. They first acquired a loan worth Rs 24 million by giving gold assets as a guarantee for a fake customer, then they replaced the original gold with fake gold.   

The same fraud of Rs550 million emerged in the Gulistan-e-Johar branch. The bank staff had changed original gold with fake gold from more than 150 bags, It was learnt.

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