KARACHI:
The Federal Investigation Agency (FIA) has arrested two former bank officials in connection with a sophisticated Rs35 million fraud scheme, officials confirmed on Thursday. The suspects were remanded into FIA custody for four days as investigations continue.
Usman Khan, who previously served as a branch manager, and Shehzad Arif, a former relationship manager, were presented before a court following their arrest. Both men are accused of playing central roles in the elaborate scam, which involved siphoning off funds from the account of an overseas Pakistani.
According to FIA investigators, the accused allegedly created a fake bank account using forged documents and falsified signatures belonging to the original account holder, Fazal Ahmed. Once the fake account was set up, the suspects issued a bogus cheque book and managed to illegally transfer $128,500 — approximately Rs35 million — from Fazal Ahmed’s genuine account into the fraudulent one.
The scam came to light after Fazal Ahmed lodged a formal complaint, prompting an investigation that revealed a wider network of suspected accomplices within the bank.
The FIA has since registered a case against six individuals under multiple sections of the law. In addition to Usman Khan and Shehzad Arif, four other suspects — Aamir Ayaz, Saeed Alvi, Fariha, and Hassan Raza — have been named in the FIR. All are believed to have been complicit in various stages of the fraud.
FIA officials said the investigation is still underway and further arrests are likely as more evidence surfaces. Authorities are also examining the bank’s internal oversight mechanisms and compliance failures that may have enabled the fraud to go undetected for so long.
A senior FIA officer, speaking on condition of anonymity, said, “This was not the work of just one or two individuals. It was a coordinated effort involving multiple insiders. We are committed to bringing everyone involved to justice.”
The case has raised serious concerns about internal security protocols within financial institutions and the vulnerability of overseas Pakistanis’ accounts — often left unattended for long periods. The FIA has urged banks to tighten verification processes and reassess internal checks to prevent such breaches in the future.
