KARACHI – Assistant Vice President of National Bank of Pakistan, Sadaf Siddiqui, was caught in a scandal that worths billions of rupees.
According to GeoNews, Sadaf led four of his associates into defrauding her bank and client, withdrawing large amounts from the Abandoned Property Organization (APO) account.
Abandoned Property Organization manages assets of former citizens from East Pakistan. This organization was established back in 1971. These assets are now managed by the Government of Pakistan.
The APO had invested most of its held cash, which was roughly around Rs. 50 billion, through the National Bank of Pakistan where Assistant Vice President Sadaf Siddiqui was responsible to manage the investments.
She took help from four APO employees to make this work. The employees are named Mohammad Ahmed, Liaquat Ali, Imtiaz and Basit. With the help of these four, she prepared fake Pakistani Investment Bonds and encashed them against the APO investments.