Tag: bank

  • Video: Money Heist-inspired dacoits loot 10 million from Lahore bank

    Video: Money Heist-inspired dacoits loot 10 million from Lahore bank

    A group of dacoits rushed into a private bank at Barki Road in Lahore and plundered millions in cash on Monday morning before running away, police have confirmed.

    Five armed men went inside the bank, snatched away the security guard’s weapon and collected over Rs10 million cash.
    The suspects deprived a customer of Rs4.1m and looted Rs6m from the cash counter.

    The gunmen also manhandled security guards and injured them on offering resisting.

    A police team rushed to the spot on an emergency call, collecting necessary evidence including CCTV footage, and launched an investigation.

  • Online theft: FIA busts gang pretending to be bank officials on phone

    Online theft: FIA busts gang pretending to be bank officials on phone

    On Monday, the Federal Investigation Agency (FIA) apprehended a group of fraudulent online criminals who had been involved in a series of online theft cases.

    The FIA’s Cyber Crimes Circle Rawalpindi reported that six individuals were taken into custody for their involvement in the scams, which used advanced technology and modern gadgets.

    Six individuals by the names of Mohammad Farooq, Umar Usman, Mohammad Noman, Mohammad Irfan, Mohammad Aslam and Mohammad Adnan were arrested for posing as bank officials and stealing money from commercial bank account holders.

    One of the victims reported to the Cyber Crimes Circle Rawalpindi that Rs1.95 million had been fraudulently taken from their bank account through online theft.

    The victim reported that the suspects were able to obtain his personal information, access his bank accounts, and transfer the money. The FIA has seized seven mobile phones from the suspects and filed a First Information Report (FIR) against all six individuals. The investigation is ongoing, according to an FIA spokesperson.

    An official from the FIA stated that these types of gangs usually make calls from official commercial bank numbers and ask questions about ATM cards or pose as law enforcement officials to obtain bank account details. The official also mentioned that due to limited resources, the investigation agency was unable to address all of the complaints.

  • Sorry, there will be no new currency notes for you this Eid

    Sorry, there will be no new currency notes for you this Eid

    We will sadly have to spend our Eid this year without getting any crispy brand-new rupee note as Eidi.

    The State Bank of Pakistan (SBP) on Thursday decided against issuing fresh currency notes on the eve of Eid-ul-Fitr.

    SBP spokesperson has confirmed that the bank will not issue new notes as the supply-demand gap was on the rise fueled by people’s possession of the notes. 

    Eid-ul-Fitr is expected to fall on April 22 this year. The federal government has announced that Eid holidays which will run from April 21 to April 25, thus making Friday, Saturday, Sunday, Monday and Tuesday gazetted holidays.

  • Female bank manager resigns after stealing Rs20 million from customer’s account

    Female bank manager resigns after stealing Rs20 million from customer’s account

    A recent case of embezzlement has come to light where a woman, who was the branch manager of a private bank in Islamabad, has resigned from her position following allegations of theft of an amount of Rs20 million from a customer.

    The incident prompted the Federal Investigation Agency (FIA) to take immediate action by registering a case against the accused under Section 420.

    According to the First Information Report (FIR), the accused manager allegedly committed the crime by fraudulently withdrawing Rs20 million from the customer’s account without their knowledge.

    The customer only became aware of the transaction after receiving a notification of the significant deduction from their account. The manager, in a bid to cover her tracks, presented a fake bank statement to the customer, assuring them that there was nothing to worry about.

    According to 24 News, the FIA has taken a serious note of the matter and has included several sections, including 409, 419, 468, 471, and 489F, in the FIR to ensure that justice is served. The accused will be thoroughly investigated, and all evidence will be scrutinized to bring the perpetrator to justice.

    This incident highlights the need for caution and vigilance when it comes to financial transactions. Even trusted officials can abuse their power for personal gain, and it is crucial to remain alert and report any suspicious activity.

  • Pakistan’s forex reserves inch up to $17.05 billion

    Pakistan’s forex reserves inch up to $17.05 billion

    The State Bank of Pakistan’s (SBP) foreign reserves saw inflows of $36 million in the week ending April 16, 2022, representing a 0.3 per cent increase week over week.

    According to the SBP weekly update posted on Thursday, the country’s total liquid foreign exchange reserves increased by $16.9 million (+0.1 per cent) to $17.045 billion on April 16, 2022, up from $17.028 billion the previous week. SBP reserves rose by $36.1 million to $10.88 billion (+0.3 per cent), up from $10.85 billion the week before.

    Likewise, commercial banks’ net foreign reserves stood at $6.1 billion, down $19.3 million (-0.3 per cent) on a weekly basis.

    Read more: Pakistani rupee plunges by Rs1.05 against the US dollar

    In the interbank market on Thursday, however, the Pakistani Rupee (PKR) resumed its downward trend versus the US Dollar (USD). It fell by Rs1.04 to the dollar, Rs1.15 to the Australian Dollar (AUD), Rs2.04 to the Canadian Dollar (CAD), Rs2.42 to the Pound Sterling (GBP), and Rs2.96 to the Euro (EUR).

  • State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting

    State Bank of Pakistan hikes interest rate to 12.25% in an emergency meeting

    Following an emergency meeting, the State Bank of Pakistan (SBP) raised interest rates by 250 basis points, as mounting political uncertainty and rising worldwide oil prices threaten to drive the country into a full-fledged economic catastrophe.

    The key rate is now 12.25 per cent, as per the latest statement released by the central bank on Thursday. According to the report, this makes the real rate “mildly positive” and will assist maintain external and price stability.

    The judgment came a few hours before the Supreme Court was due to rule on the constitutionality of Prime Minister Imran Khan’s disputed move to dissolve parliament and hold new elections. Pakistan may find it difficult to persuade the International Monetary Fund (IMF) to grant a much-needed loan tranche due to the political limbo.

    At the recent briefing, SBP governor, Reza Baqir, said, “We thought it’s important to take decisive action”.  He added that the body does not intend to do anything else.

    The central bank claimed that intensified domestic political turmoil contributed to the rupee’s 5 per cent loss and caused a jump in local bond rates, as well as Pakistan’s Eurobond yields and Credit Default Swap (CDS) spreads. Oil prices are likely to remain elevated, and the Federal Reserve of the United States is expected to compress sooner than expected, according to the report.

    The PKR broke all records on Thursday, selling at more than Rs189 per dollar in intraday trading in the interbank market, continuing a slump that has witnessed its decline of more than 10 per cent since March 4.

    Read more: Pakistan to import 32.7 million barrels of oil to cover petroleum needs

    Pakistan’s political instability, in addition to money from the IMF, is causing delays in a planned $1 billion green bond offering. A refinancing from China is also expected; the repayment in recent weeks caused Pakistan’s foreign-exchange reserves to plummet to their lowest level since records began in 2010.

    In a meeting last month, SBP cautioned that it might convene earlier than planned to avoid a crisis. It revised its average inflation prediction for the fiscal year ending in June from 9 per cent to little more than 11 per cent.

  • Nisab amount of zakat deduction set at Rs88,927 for 2022

    Nisab amount of zakat deduction set at Rs88,927 for 2022

    The nisab amount of zakat for the year 2022 is set at Rs88,927, according to a notification dated March 30, 2022, issued by the Poverty Alleviation & Social Safety Division, Cabinet Secretariat, Government of Pakistan.

    The account holders, maintaining a minimum of Rs88,927 balance on the first day of Ramzan would be liable to pay 2.5 per cent Zakat on the first day of the fasting month of Ramzan.

    If the amount standing to the credit of an account is less than the said amount, no Zakat deduction shall be made. While savings, profit-and-loss sharing, and other similar accounts are subject to nisab deductions. it is worth noting that the zakat deduction has surged by Rs7,994 as compared to last year, due to an increase in gold and silver prices.

    Read more: Banks to remain closed for public dealing on 4 April

    The amount for nisab in 2021 was set at Rs80,933 and Rs46,329 for 2020. In the majority of Islamic countries, It is adjusted at 2.5 per cent of one’s wealth above the nisab.