FAISALABAD: The Federal Investigation Agency (FIA) has apprehended a cashier from Punjab Provincial Cooperative Bank Limited (PPCBL) and a jeweller in connection with an elaborate scheme involving the substitution of genuine gold with counterfeit and underweight items, worth over Rs53 million, under the bank’s Gold Finance Scheme.
According to FIA officials, Abdul Razzaq, serving as a cashier at the PPCBL branch in MamuKanjan near Faisalabad, and Tahir Mahmood, a jeweller listed on the bank’s approved panel, were detained during a raid authorized by FIA Faisalabad Zone Director Saqib Sultan.
A case has been filed against the suspects under various sections of the Prevention of Corruption Act, 1947, and the Pakistan Penal Code. Authorities have also confiscated relevant bank documents for further examination.
Preliminary investigations uncovered significant irregularities concerning the pledged gold stored by the bank. It was discovered that 17 bags, containing approximately 508 grams of gold, were missing from the pledged items.
The inquiry revealed that 36 cases involved roughly 1,376.5 grams of entirely fake gold, while six cases contained about 244 grams of partially counterfeit gold. Additionally, 48 cases showed that approximately 1,742.5 grams of gold was underweight.
Overall, the FIA reports that around 4,056 grams (equivalent to about 348 tolas) of fake or underweight gold was identified, resulting in a financial loss estimated at Rs53.36 million for the bank.
The investigation remains ongoing, with FIA officials indicating that more facts are likely to surface as the inquiry continues.
