Fake accounts saga: Over Rs 4 billion discovered in 'dead man' accounts

KARACHI: Latest in a string of fake accounts, over Rs4 billion have been discovered in three different bank accounts of a Karachi man, who had died some four years ago.According to details, three accounts in different banks were opened in the name of Iqbal Arain, who had died in May 2014 and transactions of Rs4.60 billion was made.The accounts were opened after his death on May 09, 2014. Several similar bank accounts have been unearthed  by authorities before this.A few days after the Federal Investigation Agency ­(FIA) – the country’s top investigation agency ­– unearthed over Rs2.25 billion from a bank account in the name of a falooda vendor in Orangi Town, a similar scandal surfaced  when a factory worker in the Korangi area of Karachi submitted an application to the FIA against a fake bank account in his name through which fraudsters had borrowed hundreds of thousands of rupees from the bank.Another bank account was traced by FIA with millions of rupees deposited, following the discovery of Rs2 bn in a Karachi-based food vendor's account.

from The News International - National https://ift.tt/2IZxzOS

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