Bank manager arrested for 'facilitating' fraud worth billions

The Federal Board of Revenue (FBR) on Friday arrested a bank manager who was allegedly instrumental in banking fraud amounting to billions of rupees. 

According to sources, FBR I&I Islamabad arrested a manager of the First Women Bank Imperial Court Branch Karachi in a tax fraud case. The accused reportedly opened an account in the name of a rickshaw driver using the name of a fake company and then received a transaction of Rs4.8 billion in that account. 

The accused had the rickshaw driver sign the check and then handed over that money to the beneficiary. The accused caused the national exchequer a loss of billions of rupees. Also, details of more bank accounts of fake companies were found in the mobile phone of the accused. 

Now the FBR will produce the accused in the court of Special Customs Judge Islamabad on Saturday and ask the court to grant his physical remand to the police.