KARACHI: How much advances were made on the last day of the government on March 16, a Saturday when banks are normally closed. What were the compulsions that forced the State Bank to make an exception?

No one in the banking circles was ready to come on record but hinted at a financial scam involving advances made on political consideration just before the assembly was dissolved to end the five-year term of the PPP-led coalition government.

They did not specify the exact amount but suggested the total quantum of advances made on the day run in billions of rupees.

“Mostly these advances were made to projects near completion”, a banker told Dawn.

“I can’t disclose the amount but can confirm that mysterious transactions were made,” said a senior banker of one of the largest banks.

“It is difficult to calculate how many transactions were struck or how much money was transferred in just one day since all banks opened and many were involved in such deals”, he explained.

Sources confirmed that the decision to open banks on a weekly holiday by the State Bank was made on the request of the government.

When reached for details the bankers said they were obligated not to disclose details of advances. However, they said if required the central bank can give details.

It has earlier been reported that the last finance minister took hasty decisions that involved huge amounts. The outgoing government was known for spending liberally that forced borrowing till the very end.

“Despite serious shortage of revenue, the banks were opened especially to settle the accounts. The move created doubts,” said another banker. “It will eventually be known how much was drained from the financial system on the last day”, he added.

The business community also expressed suspicion.