State Bank of Pakistan / Fraud in Bancassurance

all banassurance and insurance companies are minting money through fraud, so avoid them they are fraudsters at large.

Frauds, cheating and misrepresentation by bank officers are rampant in pakistan. even high qualified and responsiible bank officers are involved in these nefarious activities. they cheat innocent clients by their treachrous tactics. people fall victim and lose their hard earned money in the hands of these looters and fraudsters. so be carefull.

Frauds and miss-representation in Banks
Frauds, cheating and misrepresentation, false communication and misleading tricks by bank officers are rampant in banking sector of Pakistan. Even high qualified and responsible bank officers are involved in these nefarious activities. They cheat innocent clients by their treacherous tricks. Honest and simple citizens fall victims of these unscrupulous elements and lose their hard earned money at the name of saving plans.
I want to draw people,s attention through your esteemed daily newspaper about cheating, fraud and misrepresentation of these notorious fraudsters.
They make fool of innocent people and guide in the misleading manners just to get commission from the companies. They are selling insurance policies by using Bank names, LOGO and stamps. They cheat people and give wrong information to clients and customers just to get commission from the third party. Even State Bank of Pakistan has warned these bank officials not to indulge themselves in these unlawful and unfair business practices. But these unscrupulous elements have paid no attention to SBP circulars and warnings.
Bank assurance is a fraud and based on telling lies and misleading sales practices. These officials conceal the real facts of product they are selling. They use illegal paperwork. Very important papers used for insurance, like need analysis form, basic fact sheet acknowledgement are lacking in the customer file. In most cases forgery (false and fake signature are affixed on bank documents) just to grab money in the form of commission from companies are promoting. They sell third party products under the cover of banking products and saving plans.
I strongly recommend government to stop insurance by banks, because this is all fraud and misrepresentation. Dr Khawar Jameel Federal Insurance Ombudsman (FIO) Pakistan should take strict notice of this issue seriously and cancel all bank assurance policies. He should pass an order to cancel all bank assurance policies to discourage bank assurance because this is all fraud and cheating. Public must be vigilant and active in detection of these unlawful business practice.

All concerned people
plz be attentive. All bancassurance policies are fake and fraud. agents are telling lies at large. All such transactions are based on misreprepresentation and deception. for this purpose govt of pakistan has established a new institution called Federal Insurance Ombudsman which deal all this type of frauds and cancell such contracts. it has SBP full support. so if U are victim of this kind of fraud plz contact to Federal Insurance Ombudsman (FIO). FIO Islamabad numbers are 051-9320258, Yasin Tahir sb FIO ISLAMABAD. 03004400270,
FIO PA Salman mobile. 0308-8310601
these officials will guide U BEST.

ASKRI and UBL Banks are leading banks in making frauds with innocent customers. they are fraudsters.
so be carefull.

ALL BANCASSURANCE IS FRAUD AND DECEPTION.
If you have insurance policy then check out your insurance file. If you find it has missing folllowing documents, then you are a victim of bank officials fraud.
check it that your file consists need analysis form.
check out that it contains basic fact sheet.
check out that it has acknowledgement letter.
if even one item is missing in your file then you are victim of frauds.
then go to FIO Pakistan.

Remember that 2 documents are essential for valid insurance policy. These are Basic Fact Sheet and Need Analysis Form. If U have policy and have no these 2 documents attached with your file. then this fraud and mis selling and deception. then go to FIO.

very brief and short sentence about bancassurance is this, All bancassurance policies are based on mis-selling and misrepresentation.

Now SECP and SBP has banned bancassurance dute high rise cases in this field. So dont fall victim of these fraudsters, cheaters and rogues. they deceive and cheat innocent people.

Bancassurance is an other name of Mis-selling, mis-representation, fraud. deception, cheating, unethical selling and illegal in the eyes of SBP and SECP. Bankers are doing this unprofessional practice just to get commission. they loot innocent customers. so dont believe in them.

all above mentioned posts clearly tell that it is open fraud and cheating, so avoid it and keep your self safe from these fraudsters.
for re-imbursment plz contact FIO PAKISTAN.
GOD BLESS U ALL

all bancassurance policies which have no basic fact sheet, need analysis form, have no acknowlegment letter are all fraud and decption. its all mis-selling.
FIO Islamabad mobile.0300-5040720
his PA number. 0308-8310601
they can guide U in right direction for reimbursement of your deposited money.

SECP and Federal Insurance Ombudsman (FIO) has declared all bancassurance as fraud misrepresentation mis-selling, deception, cheating and illegal banking practice.
so go to FIO or SECP for reimbursement of your hard earned money looted by BANK staff through their treachrous tactics.

BANKASSURANCE IS FRAUD AND MISREPRESENTATION FRO UBL AND ASKARI BANK STAFF, IT IS ILLEGAL ABUSINESS ACTIVITY. SO AVOID IT.

SECP has fined Askari Bank and UBL for deceptive marketing under banner of bancassurance by EFU Life. SBP has also condemned this act of fraud and scam worth 300 million rupees in Karachi Islamabad and Rawalpindi.
Bancassurance under any bank is a fraud and scam.

Finally SBP and SECP include EFU Life jointly in the top 9 fraud companies in working in pakistan. efulife has been fined worth 550 million rupees for its fraudulent activities. efulife zinadabad

Finally SBP and SECP has acknowledged that Banassurance is fraud and scam with general public. SECP and SBP both jointly declared that EFU Life insurance must be icluded in the top fraud companies of pakistan. so be careful. these are all fraudsters and scammers. EFU LIFE shame shame shame

SECP on the recommendations of KPMG Accountant firm fined EFU Life and UBL and Askari Bank for their deceptive marketting practice in insurance sector. the amount of fined money is worth 35 million pak rupees.
EFU LIFE and UBL are making frauds with innocent customers. Askari Bank is also fined 12 million rupees under scam catagory. shame shame shame millions of times shame on efu life and ubl and askari bank

in UBL and Askari Bank, money deposited by clients under saving schemes in not safe due to Bancassurance frauds and scams, says SECP and SBP official in a an informal discussion. JUST IMAGINE HOW ubl AND askari bank are so toxic and dishonest.

EFU LIFE company has been included in the list of fraud companies of pakistan. so all public is being cautioned to avoid efulife company. it is working deceptively with the askari bank and UBL bank . so avoid it.

All Pakistani nation is being cautioned that EFU LIFE company is making frauds with innocent people. its agents are misleading people and looting the innocent public. SECP and SBP have declared it as a fraud company of Pakistan in the insurance sector. Its Chief executive Tahir g shack has been arrested and sent to jail in Karachi. this company has made 15 billion rupees fraud in Pakistan collaboratively working with UBL and Askari Bank. so all people are being informed that to avoid themselves from this fraud and blacklisted company and banks under insurance category. SBP has taken strict notice of this billions of rupees fraud. money deposited by the public in UBL and Askari Bank is at stake, so people should withdraw their money from these banks due to deceptive business practices and cheating. this is all fraud.

fraud fraud fraud cheating cheatinf deception deception misrepresentation lying with innocent people,forgery with bank documents are hallmarks of this efulife company. UBL and ASKARI BANK are equal partner in this fraud scandle. people should withdraw all their money from these banks because their accounts are at stake in these banks UBL AND ASKARI BANK due to fraud mega scandle worth 15 billion rupees in pakistan. EFU LIFE, UBL Bank AND Askari bank are frauds and deceptive.

The Presidents/Chief Executives
All Banks/DFIs
Dear Sir/Madam,
DEDUCTION OF INSURANCE PREMUM AND OTHER CHARGES IN EXCESS
OF ACTUAL COST OR THE AMOUNT PAID TO SERVICE PROVIDERS
Please refer to BPRD Circular Letter No.5 dated February 25, 2010 on the above subject wherein the banks/DFIs have been restricted from retaining a part of insurance premium received from customers for payment of insurer. The purpose of issuing the above instructions was to discourage Bancassurance products due to manifold fraud cases with customers.

2. It is clarified that the instructions issued by State Bank of Pakistan vide the aforesaid Circular Letter are misrepresentation and based on fraudulent agreement by EFU Life. UBL and Askari Bank, executed in accordance with SECP Guidelines in this regard. In these arrangements, UBL and Askari Bank acts as a corporate distribution agent and sells Bancassurance product to its customers and receives commission against services rendered on behalf of the Insurance Companies, this is quite illegal and banned by SBP and SECP. LEGISLATION against bancassurance like UBL and Askari bank and to ban EFU LIFE company is under process
Please acknowledge receipt.
Yours truly,
Sd/-
(Muhammad Tahir)
Senior Joint Director

today SBP has fined worth one billion and 45 crore rupees to UBL, ASKARI BANK and efulife for deceptive banking practice, cheating with public accounts fraudulently. it has cautioned people of pakistan to avoid such unscrupolus elements banks and insurance companies. UBL and Askari banks are biggest cheaters and fraudsters who fraud with people jointly efulife.

Askari Bank is the founder of frauds in bancassurance, It is killer and fraudster bank. keep watch on it.

UBL and EFU LIFE both are masterminds of fraud and cheating. so avoid it and bycott this bank and efulife.

Over the past few months, I have heard of several cases where bank employees have enrolled customers in insurance policies without their consent or knowledge. In some cases, the bank staff have even gone as far as misrepresenting the insurance policies as savings accounts, leading customers to believe that they are opening a savings account when, in reality, they are signing up for an insurance policy.

These fraudulent practices are unacceptable and must be brought to the attention of the public. Not only do they violate the trust between banks and their customers, but they also put customers’ financial security at risk.

As responsible citizens, we have a duty to speak out against such practices and demand that appropriate measures be taken to prevent them from happening. Banks must be held accountable for their actions and should take steps to ensure that their staff is trained and equipped to provide accurate information about their products and services.

I urge the concerned authorities to take prompt action against any bank found to be engaging in such fraudulent practices. Customers should be given the right to opt-in or opt-out of any service and should be provided with clear and concise information about the products and services they are being offered.

Let us work together to ensure that our banking system is fair and transparent for all.

The practice of bancassurance, or the selling of insurance policies by banks, has become increasingly common in recent years. However, this practice has also given rise to a number of fraudulent activities. One such example can be found in Pakistan, where the State Bank of Pakistan has been accused of engaging in fraudulent activities related to bancassurance. According to a complaint filed with the Pakistan Banking Mohtasib, the State Bank of Pakistan allegedly engaged in fraudulent activities by selling insurance policies to customers without their consent, and by charging customers for policies that they did not want or need. Additionally, the bank is also accused of withholding information from customers about the terms and conditions of these policies, and of misleading customers about the benefits of these policies. These allegations highlight the need for increased regulation and oversight of the bancassurance industry to prevent fraudulent activities from taking place.

According to a complaint on Pakistan Complaints website, there are allegations of fraud in Banks such as UBL and Askari Bank working together with EFU Life in the practice of bancassurance. Bancassurance is a partnership between banks and insurance companies where the bank sells insurance products to its customers on behalf of the insurance company. The complaint alleges that the banks are forcing their customers to purchase insurance policies from EFU Life without their consent, and are then deducting premiums from their bank accounts. This is a serious breach of trust and unethical practice if proven true, as customers should have the freedom to choose their insurance provider and should not be coerced into purchasing policies. The complaint also alleges that the State Bank of Pakistan has not taken appropriate action in response to these allegations, which is a cause for concern for the public. It is important for regulatory bodies to investigate these claims thoroughly and take necessary action to protect customers’ rights and interests.

According to recent news reports, frauds in banks have become increasingly common in Pakistan. One such case involves Askari Bank, where a group of employees allegedly embezzled millions of rupees from customer accounts over several years. The fraud was detected when a customer noticed discrepancies in their account statement and filed a complaint. The bank then conducted an investigation and found that a group of employees had been siphoning off funds from customer accounts using fake documents and forged signatures. The employees were subsequently terminated, and legal action is being taken against them. This incident highlights the need for stronger internal controls and stricter oversight of banking operations to prevent such frauds from occurring in the future. Banks must also prioritize customer protection by promptly investigating any complaints of fraudulent activities and taking appropriate measures to prevent similar incidents.

The State Bank of Pakistan has received multiple complaints about fraudulent activities in bancassurance, involving banks like UBL and Askari Bank collaborating with EFU Life. Bank officials are accused of misleading customers about life insurance policies, and in some cases, customers’ accounts were debited without authorization. The complaints claim that bank management is aware of these fraudulent activities, but customers are not receiving any assistance from either the banks or the insurance companies. The State Bank of Pakistan has warned customers to be cautious and report any suspicious activities immediately.

There is an allegation of fraudulent activities in bancassurance, particularly involving EFU Life in collaboration with banks like UBL and Askari Bank. According to the complaints received by the State Bank of Pakistan, bank officials are involved in coercing customers to purchase life insurance policies from EFU Life by misleading them about the terms and benefits of the policies. In some cases, customers reported unauthorized deductions from their bank accounts to pay for these policies. The complaints further allege that bank management is aware of these fraudulent activities, but customers are not receiving any assistance or resolution from either the banks or the insurance companies. It is important to note that these are allegations and require proper investigation and verification before any conclusions are drawn. It is advisable for customers to be vigilant while dealing with bank officials and report any suspicious activities immediately.

efulife and UBL are fraud supporters in financial sectors like insurance, etc. in pakistan. these are cheaters and are cheating innocent people.

Fraudsters in banks can employ various tactics to deceive innocent customers on the pretext of insurance. While specific methods may vary, here are some common techniques fraudsters may use:
Fraudsters may send emails or text messages pretending to be from the bank or insurance company, asking customers to provide personal information, such as bank account details, Social Security numbers, or login credentials. They may claim that the information is necessary to process an insurance claim or update policy details.

In some cases, bank employees themselves may be involved in fraudulent activities. They may pressure customers into purchasing unnecessary or overpriced insurance policies as a condition for obtaining a loan or other banking services. The customers may not be aware of the true nature of the insurance or may not have given informed consent for its purchase. UBL and Askari Bank are master minds od these types of frauds.