Business

Online scams: Banks directed to refund Rs2.74 million to fraud victims

Published

11 months ago

Farwa

As part of his efforts to provide justice to bank fraud victims, President Dr Arif Alvi Sunday asked Banking Mohtasib to take measures to refund Rs2.74 million to those who fell prey to the online scams.

President Alvi asked Banking Mohtasib to take up the matter of banking frauds with the State Bank of Pakistan (SBP) to get the essential standard operating procedures (SOPs) issued, so that the proven fraudulent persons’ CNICs could be blacklisted, placed at the central negative list, besides ensuring that no banking facility could be extended to them by the banking industry.

The president issued these directions while rejecting two separate representations filed by two private banks directing them to pay Rs1.9 million and Rs0.744 million respectively to their customers who fell victim to online banking fraud at the hands of fraudsters, President Secretariat Press Wing said in a statement.

As per the details, Qaiser Mehmood who was holding an account with a private bank received a call from a number resembling the bank’s helpline and the caller advised him to activate his disabled digital banking app.

Mehmood activated his app, after which Rs2 million were transferred from his account through multiple transactions. Similarly, Brigadier (retd) Muhammad Arif Shaikh received a call from fraudsters asking him for his banking credentials to remove some technical flaws from his account.

Later, an amount of Rs 994,000 was transferred from his account through 19 transactions. They had asked their respective banks to refund their money but to no avail. Feeling aggrieved, they separately approached the Banking Ombudsman to get relief.

The Ombudsman directed the banks to refund the lost amounts to the customers. The banks, then, separately filed representations against the Ombudsman’s decisions with the President.

The president held personal hearing of the cases, and having listened to the parties and going through the available record, decided the cases in the complainants’ favour.

He observed that the banks were found non-compliant with the SBP’s directives regarding the implementation of monitoring systems to detect fraudulent transactions. He said that multiple consecutive transactions were conducted but it did not raise alerts and allowed the money to pass through the system.

He noted that the banks also failed to establish the legitimacy of transactions in terms of Section 41 of the Payment System and Electronic Fund Transfers Act, 2007.

The president said that the banks failed to submit any proof of compliance with the directions of SBP despite being given ample opportunity and concluded that malpractice and maladministration stood established on the part of the banks and they were liable to make good the financial loss of the complainants.

President Alvi, therefore, rejected the representations of the private banks and directed them to pay Rs1,998,500 and Rs744,000 to the complainants.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

22 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.