Bank of Punjab Scandal

BANK OF PUNJAB (BOP) SCANDAL OF 9 BILLION RUPEES LOAN TO HARIS STEEL The till of Punjab (BOP) hit by a massive scandal, a laughable fraud that involves billions of rupees. The State Bank of Pakistan expressed its great reverence over the Banks system and controls, terming them quite fatigued while the internal audit of the Bank has repeatedly cautioned the vigilance on the huge facilities tenderizeed to certain companies. The recipients of the huge loans include owners of more or less companies that do not exist at all. In other(a) cases, fake identity cards were used and over-evaluated properties were pledged as collateral. A report submitted by the General Manager visit to the bank chair on May 25th 2010 revealed that the bank, sort of of listening to earlier warnings, released more money to such companies with which it was suppositional to be careful in its future deals. The GM analyze Muhammad Hanif says he gave three consecutive reports in the series of Audits conducted for the occupation deals with this group and its allied names (i.e. Haris Steel, etc). Bank sources said that irregularities value Rs 6-8 billion were committed at Tufail road, lahore branch of the bank and the important incarnate branch, Lahore. The bank management is, however, reluctant to talk on the issue.

Despite repeated efforts, no one was ready to offer the banks version on the story. The bank president was said to be abroad. The presidents mobile and residence numbers were dialed that there was no response. The MD of the Bank, Haroon Aziz, was also contacted at his military position number but he did not return the call. The equivalent was the case with Banks country head corporate credit Khalid Qayyum. The GM Audit, Muhammad Hanif, when contacted, confirmed the report. When this correspondent read discover selected contents of his report, he said that irregularities were a routine in the banking sector. In his report, Hanif said that facilities being availed by Harris Steel and its consort Accounts... If you want to get a full essay, order it on our website: Ordercustompaper.com

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