Sahiwal: Gang Replaces Customers’ Gold with Fake at Bank; One Arrested

Federal Investigation Agency (FIA) has registered a criminal case and arrested one suspect in connection with an alleged financial fraud and forgery involving gold ornaments worth Rs19.3 million at the Punjab Provincial Cooperative Bank Limited (PPCBL), Harappa Branch, Sahiwal.

According to the FIA, a bank employee allegedly replaced customers’ gold ornaments, which had been pledged as collateral for gold loans, with counterfeit gold, causing an estimated financial loss of Rs19.3 million to customers.

The case has been registered by the FIA Composite Circle Faisalabad under Sections 109, 409, 420, 468, and 471 of the Pakistan Penal Code (PPC), read with Section 5(2) of the Prevention of Corruption Act, 1947.

According to the First Information Report (FIR), the case stems from FIR No. 426/2025, which was initially registered at Harappa Police Station, Sahiwal, before being transferred to the FIA for further legal proceedings.

The complaint was lodged by Nazir Ahmad, Zonal Head and Senior Vice President of the Punjab Provincial Cooperative Bank Limited, Sahiwal Zone. The inquiry was initiated after a customer, Sajid Bashir, alleged that despite repaying his outstanding gold loan of Rs566,096, the branch manager refused to return his pledged gold ornaments.

The FIR states that the bank’s Zonal Office assigned an internal inquiry to Deputy Zonal Head Awais Khalid, who found that the outstanding loan amount had already been deposited on November 1, 2024, allegedly by Branch Manager Amanat Ali in collusion with other bank officials. The inquiry further alleged that the branch manager unlawfully took possession of the customer’s pledged gold ornaments.

According to the investigation detailed in the FIR, an initial verification carried out on December 6, 2024, found all pledged gold ornaments intact inside sealed bags bearing the seals of the branch’s approved goldsmith, Javed Iqbal.

However, after allegations of fraud emerged, an audit team from the bank’s Head Office conducted a second verification on April 17, 2025, in the presence of bank officials and the approved goldsmith from the Okara Branch. During the inspection of 113 sealed bags, gold ornaments in 15 bags, weighing a total of 533 grams, were allegedly found to be counterfeit.

The FIR further states that the fake ornaments did not match the descriptions recorded in the corresponding gold loan documents. Although the bags still carried the seals of the branch’s approved goldsmith, investigators alleged that the original gold ornaments had been replaced with fake ones as part of a conspiracy involving the branch manager, the bank goldsmith, and other accused officials.

The FIR also states that several other customers complained that money deposited into their bank accounts had allegedly not been credited, while fake deposit receipts had been issued to them.

The FIA has nominated seven suspects in the case: Branch Manager Amanat Ali, Noman Akram (ACRO), Faryal Mumtaz (Cashier), Zafar Iqbal Sajid (Guard), Asher Majeed (Private Security Guard), Qamar Shahzadi (Messenger/Naib Qasid), and Javed Iqbal (Bank Goldsmith). The agency said the role of any additional individuals would be determined during the course of the investigation.

According to the FIA, one of the nominated suspects has been arrested following the registration of the case. Further investigation into the alleged financial embezzlement and forgery is underway.