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Bnak Fraud

A gang of 10 people obtained information from bank officials about old accounts with large deposits belonging to retired military and government officials. They used this information to fraudulently transfer Rs. 15 million from around 20 accounts to different accounts over less than 10 days by visiting online bank branches and tricking employees who violated security procedures. The bank's internal investigation was unable to catch the perpetrators, who got away with the money. The document analyzes this fraud case and identifies lax security practices at the bank and the role of unethical bank employees and account holders in enabling the scam.

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0% found this document useful (0 votes)
105 views1 page

Bnak Fraud

A gang of 10 people obtained information from bank officials about old accounts with large deposits belonging to retired military and government officials. They used this information to fraudulently transfer Rs. 15 million from around 20 accounts to different accounts over less than 10 days by visiting online bank branches and tricking employees who violated security procedures. The bank's internal investigation was unable to catch the perpetrators, who got away with the money. The document analyzes this fraud case and identifies lax security practices at the bank and the role of unethical bank employees and account holders in enabling the scam.

Uploaded by

farriy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CASE

Bank involved Period of Fraud


Habib Bank Limited July 2009-Present

INTRODUCTION
➢ A Gang of 10 boys and girls gathered information from the bank officials who were there
friends about some accounts which were old and were having huge deposits. These were
the accounts of old army retired officer and I Ex-WAPDA official.
scam.
➢ This gang with all the information of the accounts that they obtained from the
bank officials made up a scam.

METHOD OF SCAM
➢ The gang used to go to the online branches of the bank
MISTAKES OF BANKS

➢ The officers of few branches rejected the transaction as it was not legal and were not
according to the standing operation procedure. But few branches were tricked by there
appearance and finally they were able to get away with 15 Million rupee transferred from
around 20 accounts to different account
➢ The information about the account holders which were affected in this fraud was given by
the bank officials.
Scam duration
➢ The gang did all this activity in less then 10 days
Investigation of Scam
➢ the bank first did the investigation at there own end but found the matter out of its hand.
Mean while the gang who committed the series of fraud went away with it.
➢ Conclusion
Banks these days are providing state of the art technology to the customers. But in view of
providing the services they have lacked in providing proper training to the employees. The day to
day rising inflation is forcing the salaried persons to gain money from un-fair means. Bank
employees and the account holders found it easy for them to make money just by offering a
small service. But the gang was smart enough to get away with it easily.

On the other hand bank has shown negligence by not obtaining the proper security checks while
performing the transaction. SOP should be followed on any cost.

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