At least 14 people are suspected of having scammed Telenor Microfinance Bank in Pakistan for 30 million kroner, according to VG which cited a police report from late November.
On Thursday, it was announced that both employees and external parties were involved in the fraud in the Bank, owned by Telenor which is a major player in microfinance in Pakistan.
According to the police report, fake borrowers as well as false and incomplete loan applications were made so as to scam the Bank. It is believed that there have been individuals who must have cooperated in approving and granting these loan applications.
Telenor said that an investigation team has been working on the case since October to find out the extent of the scam.
The police and the internal investigation group have found 1,638 false loan applications. The suspects allegedly scammed the Bank of up to 514 million Pakistani rupees, the equivalent of 30 million kroner, VG reports.
No customers who hold deposit accounts have been affected, Telenor said in a press release on Thursday. The company described the situation as unacceptable and warned of “necessary steps” when the investigation is completed.
Telenor Microfinance Bank is owned by Telenor Group and Ant Financial, a company affiliated with Alibaba Group. The Bank began operations in 2006 as Tameer Microfinance Bank, a major player in microfinance in Pakistan.
© NTB Scanpix / #Norway Today