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Bank of Ceylon accused of fraud, misappropriation, negligence

Shahudha Mohamed
11 November 2019, MVT 15:37
Bank of Ceylon's Male' Branch located on Bodu Thakurufaanu Magu. PHOTO: MIHAARU
Shahudha Mohamed
11 November 2019, MVT 15:37

A financial consumer for Bank of Ceylon's Male' branch filed a lawsuit against the bank on accusations of fraud, misappropriation and negligence over embezzling bank accounts held in the name of the client and his wife.

According to the client, Abdulla Nafeeg Pasha, an approximate of MVR 4 million was misappropriated from him and his wife which was captioned at the bank.

He further revealed that the case was lodged at Maldives Police Service for a criminal investigation as well.

Stating that the bank refused to respond to the client's letters or restore the embezzled funds, Abdulla Nafeeg Pasha claimed that he and his wife were forced to initiate civil proceedings against the bank.

"Unfortunately, over and beyond the concept of vicarious liability of the Bank for its officer and staff's actions, the bank has been complicit and the senior-most executives of the bank has been less than diligent, and perhaps eve categorically negligent, in the course of the last two years or so, in the required monitoring and appraisal of its employees", the client wrote in a press statement.

Noting that the matter is of grave importance, Abdulla Nafeeg Pasha went public with the situation "to avoid any more people being victimised by such actions on part of banks and other parties in fiduciary trust".

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