On Wednesday, 16, May 2018, NAB (National Accountability Bureau) has arrested Mr. Usman Saeed who is the Head of Foreign Exchange at National Bank of Pakistan (NBP) Main Branch, Lahore on account an Alleged Fraud of Rs: 3 Billion. Usman Saeed as a Vice President is working as Head of Foreign Exchange at NBP Main Branch, Lahore since 2015 and sources say that the alleged Fraud of Rs: 3 Billion has been highlighted by the annual audit, which apparently involved an amount of Rs.12 to 15 million only, but upon detailed scrutiny and analysis, the amount increased to Rs: 3 Billion. Moreover, the executive was involved in the fraudulent activity since 2008 but it has not been found out in any internal or external audit.
Some officers of Main Branch, Lahore came forward and told that the scandal involved around 15 companies who have opened LC’s (Letters of Credit) with Main Branch, Lahore, were not making payment on monthly basis but it was shown in the record as payments received. Experts are of the view that the fraud was being carried out in the form of non-financial transactions.
Mr. Usman Saeed, who is presently Vice President, was hired as a commissioned officer during the year 2002-2003 and he soon gained recognition as hard worker and honest worker. Some of his colleagues are of the view that Usman is an honest worker and he cannot commit such fraud as he has not even changed his car for last 8 years. Moving forward, after investigation, NAB can tell us the amount of fraud, extent of involvement of Usman Saeed, and the accomplices.
Sources further reiterate that NAB has contacted that top 3 default companies and has advised them to submit their outstanding dues and the companies have confirmed that they will be submitting the dues soon. However, the questions remains whether the remaining 12 companies will submit the default amount or not and who will be responsible in case of non-submittal of default amount.
In the light of above said story about fraud in Main Branch Lahore, a common thought revolves around that how this is possible that a fraud was being committed at the Main Branch, Lahore for so many years and no department, management, or audit was able to highlight that. Usman Saeed is presently under the custody of National Accountability Bureau and an investigation is on its way.