ISLAMABAD: The Federal Investigation Agency (FIA) has arrested a senior banker and a Naib Qasid (peon) of Pakistan International Airlines (PIA). Both men face charges of involvement in a massive fraud worth Rs 150 million (Rs 15 crore) at a private bank. The arrests followed an internal inquiry that revealed large-scale financial manipulation.
Creation of the Fake Company
According to available details, three bank officials devised a fraudulent plan. They created a company named RT Solutions and registered it with the Securities and Exchange Commission of Pakistan (SECP). Surprisingly, the group appointed a PIA Naib Qasid as the company’s head. This tactic helped conceal the true masterminds behind the scheme.
Illegal Fund Transfers
The officials transferred Rs150 million from the bank into the fake company’s account. Later, they moved significant amounts into the personal accounts of one of the bankers. Additionally, the accused used Rs12.5 million for foreign travel by purchasing air tickets. Moreover, investigators discovered that millions were transferred to the accounts of family members.
Arrests and Key Figures
FIA officials confirmed the arrest of Syed Azim-ul-Shan, AI Head at a private bank. They also arrested Kashan, a daily-wage employee of PIA who acted as the frontman. Both accused are under custody as investigations expand to uncover other potential collaborators.
Assets Frozen and Investigation Underway
The FIA has frozen all related bank accounts to prevent further movement of funds. Investigators continue to trace money trails, recover assets, and identify additional accomplices. Authorities vowed strict action against those involved, stressing that such crimes undermine public trust in financial institutions.
Broader Implications
This case highlights serious gaps in oversight within both banking and regulatory systems. Furthermore, it underscores the need for strict monitoring and internal controls. The FIA reiterated its resolve to pursue financial criminals and protect depositors from organized fraud schemes.
