A private bank branch manager has fled to the United States after taking up to Rs800 million from account-holders under the pretext of investment. Local sources close to the affected customers said the total could exceed Rs1 billion as investigations continue.
The bank management has launched an inquiry. Sources said the manager left last week with his wife and children and has since had no contact with bank staff or account-holders.
Over the past few years, the manager built trust with several account-holders and offered to invest their money in various businesses. Sources said he kept signed cheque books belonging to some of them and, with their reported consent, used their deposits for investments outside the bank.
Account-holders reportedly earned substantial profits from these arrangements.
The largest withdrawals before his departure reportedly belong to a government contractor working with the National Highways Authority and the Punjab Highways Department. A spare parts dealer serving the electric fan manufacturing industry is also among the worst affected.
Several account-holders went to the residence of the manager in River Garden Housing Society and tried to take his car and occupy the house. Security guards stopped them.
Some account-holders have asked the bank management to bring the manager back and recover their money. Others have begun withdrawing deposits from the branch and from other branches in the city.
A senior Federal Investigation Agency (FIA) official said no complaint has been filed with the agency so far. He added that in such cases, banks usually file complaints against their own employees.