Banks to repay fraud victims as president rejects appeals thumbnail

Banks to repay fraud victims as president rejects appeals

President Arif Alvi has upheld a decision by the banking ombudsman ordering banks to repay three customers who filed complaints after losing funds in unauthorized and fraudulent digital transactions.

Complainants Najma Sultana, a retired teacher and a widow, Zahid Shah, a PAF technician and Tariq Mehmood Chaudhry, had filed separate petitions against two private banks after they lost Rs1.2 million in unauthorized debits.

The Banking Ombudsman (Mohtasib) had advised banks concerned to pay recompense to all complainants because neither of the complainants had authorized the transactions in question.

Banks had filed appeals against the ruling of the Banking Ombudsman with the president.

President Arif Alvi said that the complainants had lost their money because of no fault of theirs and they should be paid at least the money they lost.

Banks also could not present any document proving they complied with relevant rules when paying from the accounts of the complainants.

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