Allied Bank’s negligence costs millions: PKR 12 lac cheque turned into PKR 1.2 crore withdrawal

ISLAMABAD: A shocking incident has emerged at the Aabpara branch of Allied Bank in Islamabad, where the bank paid Rs 12 million instead of Rs 1.2 million for a cheque.

According to documents obtained by ABN News, this happened during computerized processing, where the amount was incorrectly increased from 12 lakhs to 12 million. Surprisingly, the wrong amount was still paid out. Normally, such large transactions are thoroughly checked by the bank’s staff and managers. However, in this case, the error was overlooked.

It is pertinent to mention that nothing was disclosed in the scam investigation. This raised concerns about the bank’s procedures and staff integrity, as such a significant error cannot be solely attributed to human error.

As per the latest update available with Daily Ausaf/ABN News, Allied Bank’s Aabpara Branch clarified that it was an error that was rectified immediately after the prompt investigation, and there was no fraud occurred in this regard. The Bank pledged to ensure the delivery of high-quality services to their customers.

Read More: 12 Million consumer fraud case: Allied Bank issues clarification, but there’s more to it

Earlier, Allied Bank had already faced much criticism from customers due to their poor service, as revealed in a recent survey. Many account holders are unhappy, leading to numerous account closures.

Frauds in Pakistani banks are unfortunately common, making customers feel insecure. There is an urgent need to establish a transparent and dependable banking system that prioritizes customer satisfaction and protection.