Islamabad:Massive embezzlement has reportedly been committed by National Bank of Pakistan (NBP) staff with transferring illegally million of rupees from Prime Minister Youth Business Scheme (PMYBS) to bogus accounts. First case of this fraud was detected in Mardan region of NBP. Official investigation report said Shah Nawaz Khan area credit manager of NBP was found to be running a parallel bank account withdrawing money without authorization from the bank accounts. This fraud was confirmed by NBP Mardan region head Naeemullah Jan who stated that the said officer has been suspended.
Fraud amounting to Rs 8 million has been pointed out so far. The investigators selected 18 cases and found parallel banking besides disbursement of Rs 20 million from these accounts. It was also pointed out that large scale pocketing was done through unauthorised debt and credit to the PM Youth loan scheme accounts. 2 cases were found ghost and the borrows involved therein disowned them. Rs 150000 were given to Qamar Zaman .after withdrawing from an account and later were transferred to the account of Spinkai builders. In another case a sum of Rs 1.566 million were sanctioned to Muhammad Yasir without security 10 percent equity. The debt and credit vouchers were found missing in three accounts involving Rs 2.84 million. In another case Rs 80000 were withdrawn from the account of Muhammad Inam and given to Sprinkai Builders.
The ratio of default on repayment of loan is on rise day by day. About 12 percent borrowers have so far defaulted. More than 850 cases of default have been sent by NBP to the Credit Information Bureau (CIB) so far. As many as 17051 loans valuing Rs 17.1 billion have been disbursed by NBP so far which h suggests that more than 2000 persons have actually defaulted on repayment of loans.
Default cost minus five percent picked up by the government is borne by NBP. The NBP officials fear that default ratio is inching up. Transparency International Pakistan (TIP) through a letter dated September 10, 2014 addressed to Finance Minister (FM) Ishaq Dar has said it has received several complaints that the President of NBP is making appointments against senior executive posts despite the fact that the bank is already over staffed. These posts are created again and again to accommodate blue eyed boys.
The letter while referring to a complaint said that it has been pointed out therein that president NBP has appointed Masood Khan Sheikh Ex NBP on Rs 1400000 per month salary on May 16, 2014 clandestinely and against the norms of merit. Mudassar Khan from HBL was appointed against the salary of Rs 1380116 per month. The fake interviews of these two officers were held and they were inducted. The CVs of both the pre-selected officers were sent to M/S Sidat Hyder by NBP. The complainant raised question what is the need to send the CVs to head hunters when NBP nominates the candidates itself. It was also said that some posts for selection have been given to different head hunters. ENI, HRSI and ACE, CVs sent to them by NBP are of Azfar Jamal, A Hasan, Asim Akhtar, Umar Azim Daudputa, Kashif Theem, Owais Asad. Their fake interview are also being held and appointment letters are either issued or under issue. Two more safarshies of over 65 years age including Azhar Ali and Khaliq uz Zaman retired government officers are being appointed in NBP as coordinator to President and Advisor for External Agency cases respectively on retainership basis. Azhar Ali Farooqui was appointed on August , 29, 2014 on Rs 4000000 per month and Khaliq uz Zaman was appointed on Rs 250000 per month on August 6, 2014. The scope of work of both officers is similar.The Transparency International Pakistan has requested the finance minister to look into the serious allegations of nepotism in NBP levelled by the complainant and take immediate action if any irregularity is found in the light of Prime Minister policy of zero tolerance of corruption. The illegal appointment if any found be got cancelled, the letter added.
