FIA Arrests Banker and PIA Employee in Rs 1.5 Billion Fraud Involving Private Bank

Islamabad: The **Federal Investigation Agency (FIA) Commercial Banking Circle** has arrested a banker and a PIA employee involved in a **Rs 1.5 billion fraud** at a private bank.

According to an **FIA spokesperson**, three officials from the bank colluded to establish a fake company named **RT Solutions**, which they **registered with the Securities and Exchange Commission of Pakistan (SECP)**. Interestingly, the **head of the fake company was a low-ranking PIA employee working as a peon** (naib qasid).

The embezzled funds were first transferred to the fake company’s account and later funneled into the **personal bank accounts of the bankers**. The suspects also spent over **Rs 12 million on international air tickets** and transferred **millions of rupees to accounts held by their family members**.

Those arrested include **Syed Azim-ul-Shan**, the AI Head of the private bank, and **Kashan**, a daily-wage employee at **Pakistan International Airlines (PIA)**.

The FIA has frozen the involved accounts and stated that **further investigations are ongoing**.