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The Bank Heist By Kamran Azim

The Bank Heist By Kamran Azim. Bank heist in Karachi- Pakistan. The largest in the country’s history: Policemen stand guard at an Allied Bank building at I.I Chundrigar Road after a robbery had been committed, which is said to be the largest in the country's

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The Bank Heist By Kamran Azim

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  1. The Bank Heist By Kamran Azim

  2. Bank heist in Karachi- Pakistan The largest in the country’s history: Policemen stand guard at an Allied Bank building at I.I Chundrigar Road after a robbery had been committed, which is said to be the largest in the country's history. In what is being described as the biggest ever bank heist in the country.

  3. How did it happen? Private security guards robbed a bank of foreign currency worth Rs311.2 million (USD 4 million)on Sunday morning.   1: According to sources, five suspects used a gas cutter to open the strong room of the I.I. Chundrigar Road branch of Allied Bank. According to police, the main suspect, ShahidMehmood, a guard of a private security company, arrived at the bank at 7.30am, half an Hour before he was to report for duty. He waited for his four accomplices who arrived with a gas cutter and tied up guards Imran and Zamir and the building’s watchman Riaz.   2: It took them about three hours to break into the strong room which has seven large vaults. Shahid knew which vault contained foreign currency. They took away dollars, pounds and Euros, police said.

  4. How did it happen?.....continued 1 3: Shahid had been hired by the Security Protection Service (SPS) two months ago. He had a computerised national identity card issued in Punjab and the provincial police’s response to a request for verification was being awaited. Karachi police chief Waseem Ahmed told Dawn that the company had not verified his two guarantors.   4: ‘The guard was given uniform without adequate training and posted with a weapon at such a sensitive location,’ the CCPO said. 5: Police suspected that the prime accused belonged to the NWFP and he had obtained a forged identity card.   After the culprits left, the guard Imran, who was supposed to have been tied, managed to free himself and take away a packet of currency. Imran went to the house of his friend AqeelAbbas, a dismissed ASI, in Preedy area. Because Aqeel was not there, Imran gave the packet to his family and returned to the bank in an attempt to cover up his involvement in the crime, police said.

  5. How did it happen?.....continued 2 During interrogation, Imran told police about the cash which as recovered from Aqeel’s house. It was apparently Imran’s share of 45,000 Euros in the booty, the city police chief said.  6: The entire event was recorded on CCTV camera but the quality of pictures was poor and the suspects could not be recognised. ‘When an attempt is made to enlarge the picture the pixels break up,’ a police officer said, adding that the camera equipment was of poor quality. 7: The CCPO criticised the bank management and said that none of its senior executives had bothered to contact police, leaving the matter to their staff.

  6. How did it happen?.....continued 3 He said two teams, one headed by Karachi South DIG GhulamNabiMemon and the other by Special Investigation Unit SSP Raja UmarKhattab, were handling the case. Imran has been arrested and the dismissed ASI and two other people were being interrogated. An FIR of the case was registered by Mithadar police on a complaint lodged by the bank’s manager who nominated ShahidMehmood and four unnamed accomplices. 8: On the advice of police, the Sindh home department had cancelled the license of the security company, the CCPO added.

  7. What are the Operational Risks? Reputational Risk? Points above: EXTERNAL FRAUD HOW DID THE SUSPECTS KNOW ABOUT THE VAULT CONTENTS? WAS THE BANK STAFF INVOLVED- INTERNAL FRAUD? BACKGROUND SERACH WAS NOT DONE PROPERLY INADEQUATE TRAINING GIVEN BY THE SECURITY COMPANY  FORGED DOCUMENTS BANK MISTAKE: INADEQAUTE SECURITY MEASURES WHY THE BANK DID NOT CONTACT POLICE? REPUTATIONAL RISK! MEDIA COVERAGE MITIGATION: IS IT ENOUGH? Can you think of more operational risks?

  8. Lessons learned 1: The Vaults should not be in the premises where the external security guards have access through any means- security should have been of the premises, not the vault. 2: The vault contents should only be known to the manager and deputy manager. 3: Always do the background search, check authenticity of guarantors prior to joining. 4: Adequate Training. Banks should check for certification for training. 5: Check the authenticity of documents prior to joining. 6: Upgraded security measures such as CCTV, quarterly maintenance certification of equipment, do not rely on 3rd parties, bank employees should also be involved. 7: Should have requested the police not to go public 8: The bank should have upgraded vault, laser alarm system  

  9. The Big Question Where did the money go????

  10. Source DAWN: By S. Raza Hassan, date: 13 December 2009 http://www.dawn.com/wps/wcm/connect/dawn-content library/dawn/news/pakistan/metropolitan/06-more-than-rs500mn- looted-in-countrys-biggest-bank-heist-rs-05

  11. “Inadequate operational risk management give rise to credit, market and reputational risks, e.g. breach of policy, fraud, system failure or from external factors” By Kamran Azim Thank you for your time

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