Cheque fraud vs NAB jurisdiction Karachi?
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The law enforcement agencies in Pakistan are yet to take stern action against those involved in cheque fraud and related offences. While some of them have been identified and investigated, the cases of the others have been registered only at late stage, and they have continued to rob and defraud the banking system for years. It was recently that in one such cheque fraud case, a man of about 65 years of age died while awaiting trial at a Karachi court. His 25-year-old son, who was a carpenter by
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“Cheque fraud cases are rampant in Pakistan, particularly in Karachi. The NAB’s jurisdiction in the city is limited to Karachi and its adjoining districts. That makes it difficult for it to handle all types of cheque cases, as they are too numerous. “Cheque fraud cases are usually dealt with under the Anti-Money Laundering and Financial Intelligence Act, 2001 (AMLFIA). check This law mandates the NAB to refer every such case to the relevant police department.
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“Cheque frauds have been on the rise, and as the financial sector’s reputation has been tarnished by numerous frauds and scandals in recent years, it is the responsibility of the NAB to enforce the of law and protect the country’s legal and financial system. “The NAB’s jurisdiction covers all kinds of frauds, including theft, embezzlement, forgery, and impersonation. The NAB can investigate and prosecute anyone involved in fraudulent transactions. “Cheques are
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Section: NAB Jurisdiction in Karachi: What you need to know NAB (National Bank of Pakistan) is the main national financial regulatory authority of Pakistan, which is responsible for enhancing the financial stability, security, and efficiency of the country. The authority is responsible for recovering the looted money and the black money, as it is an agent of the Central Bank. But NAB does not have the jurisdiction over cheque or counterfeit notes. That is why the police are working with the assistance of NAB to investigate the case
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Cheque fraud and NAB jurisdiction in Karachi are related as the former is a massive problem in the city and the latter has been struggling to hold criminals accountable. The two are interrelated because there have been numerous instances of corrupt officers and government officials pocketing the money instead of prosecuting cheque bounce cases under the criminal jurisdiction. Moreover, in case of NAB’s jurisdiction, a bank cannot refuse to execute a cheque if it is paid or rejected; rather, the bank is required to give a written notice to the
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In the country where 31 crore bank customers, 357 billion dollars and $1.2 trillion are transacted in the current year, you never know, if you or a friend will be cheated. us immigration lawyer in karachi In this fraud-ridden society, there are various crimes whereby, the culprits are in the court to prove their innocence and the authorities to put a stop to the crime. A cheque bounce case is one such case. Cheques are now an essential instrument of payment for individuals and firms, both in
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I am one of those people who are afraid of Karachi NAB. The idea of filing a case in Karachi NAB against a well-known corporate and high profile figures like Pemra’s Asim, Mengal, Khalil, and Qamar Javed Hafiz, is not something that comes naturally to me. Karachi NAB has been in the news of late for the wrong reasons, and it has been a big issue for everyone in Karachi for the last three years. Karachi NAB has been going through a rough patch and