LAHORE, Aug 10: The Commercial Bank Circle (CBC) of Federal Investigation Agency (FIA) has unearthed a Rs23.358 million fraud in the Jalalpur Pirwala, Multan, branch of the National Bank, and arrested four employees.

FIA director Liaquat Ali Chaudhry told a press conference here on Saturday that manager Irshad Husain, posted in the same branch for over 29 years, has been depriving depositors of their money in connivance with two colleague, Zawar Husain and Sharif Husain since 1995.

They had been running a parallel bank which remained undetected even by the audit teams of the bank, whose connivance in the fraud could not be ruled out, he observed.

Of the embezzled amount, Rs0.88 million has been recovered from the accused, while all movable and immovable property including a bungalow of the bank manager worth over Rs0.55 million, have been attached by the bank, the director added.

The accused had also obtained a huge agricultural loan against fake gold jewellery, he added.

Meanwhile, the FIA officials who detected the fraud have been awarded cash prizes and commendation certificates by the bank their organization.—APP