Misuse of authority: National Accountability Bureau (NAB) Punjab arrested Vice-President Askari Bank Ltd Lahore Khawar Rasheed

and former Manager Bank Al-Falah Ltd on the charges of embezzlement of Rs200 million through fraud, misuse of authority and criminal breach of trust. Earlier, an investigation was authorised by NAB Punjab against the above mentioned accused and others on a complaint filed by Sikandar Raja, an account holder of Bank Al-Falah Ltd, Tufail Road branch, Lahore Cantt. After detection of fraud and internal inquiry, the bank has also logged formal complaint with NAB Punjab. Employees involve in frauds: The above case example continued. The accused Khawar Rasheed and Misbah Shaukat being employees of the bank were found involved in facilitating withdrawals without proper verification and other official formalities. System problem: Undersigned is maintaining salaried account in Clifton, Karachi branch of Askari bank Ltd. My Visa Dept. Card was falsely transacted by any fraud person on 05 Aug 2010 from 1310 hrs. to 1845 hrs. There are total ten in number transactions of amount PKR 39700/- approx. were falsely carried out from Lahore. Whereas, my card was possessed with me and I was in Islamabad at that time. Employees ignorance: I have been utilizing you Master Askari card since 2004 on regular basis and always make my payment before due date. I am University of Karachi Employee as Laboratory maintenance Engineer (BPS-18).I had drooped my duly filled cheque a weak before in your Askari branch near NIPA Chowrangi .Right now I have received my bill where late payment charges ,FED and Service charges are added. I am really surprised and upset looking such type of malfunctioning in your bank. Receiving date of my cheque as mentioned in the bill is 9/3/12 ,is absolutely wrong. Fake documents: An accountability court extended the judicial remand of Imtinan Saeed, Omeed Ayyaz Mehmood and Faisal Rasheed involved in embezzlement of Rs 140 million obtained from National Bank of Pakistan (NBP) as loans through fake documents.

International examples: a) Barings Bank went bankrupt due to amassing of USD 1.3 Billion unreported losses over two years. b) Sumitomo Corps reputation was severely damaged because of USD 2.6 Billion unreported losses over three years. c) NatWest markets reputation was damaged as a trader had input erroneous volatilities into an option pricing model.