The Federal Investigation Agency (FIA) has arrested a bank officer in connection with an alleged gold jewellery fraud at the Punjab Provincial Cooperative Bank’s Harappa branch in Sahiwal, where customers’ pledged jewellery was allegedly replaced with fake ornaments.
According to the FIA, the suspect is accused of replacing gold jewellery deposited by customers as collateral with imitation jewellery, causing an estimated loss of Rs19.3 million to the public institution. The agency said further investigations are underway and efforts are continuing to arrest other suspects.
Multiple bank employees named in investigation
The FIA said the investigation also includes the bank manager, cashier, two security guards, a support staff member, a goldsmith, and two women allegedly linked to the case.
Authorities stated that the case came to light last year when customers repaid their loans and requested the return of their pledged jewellery. Several customers alleged they were handed fake ornaments instead of their original gold, prompting complaints and a formal investigation.
More victims emerge as probe expands
According to local media reports, more than 40 affected customers have come forward so far.
Initial estimates placed the alleged financial loss at around Rs160 million, but investigators are examining whether the total value of the fraud could be significantly higher as the inquiry progresses.
The FIA said the case was recently transferred from Harappa Police and that operations are ongoing to arrest other individuals allegedly involved in the scheme.
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