Karachi papers Report: After extorting millions of rupees by approving illegal constructions across Karachi, just a few days before his retirement, the Director General (DG) Sindh Building Control Authority (SBCA), Abdul Rasheed Solangi, has now planning a final attempt.
DG Abdul Rasheed Solangi is looking to transfer substantial funds of the SBCA and its employees to Sindh Bank at very low interest rate, in return of significant financial benefits in the form of commission, before his retirement.
Currently, SBCA, which has billions of rupees deposited in a private bank that offers competitive interest rates, has been receiving a reasonable profit from these funds.
However, the DG SBCA, Rasheed Solangi is now attempting to shift this large sum of amount to Sindh Bank, which has offered a lower interest rate than the current bank. In return he is allegedly been offered huge financial benefits.
SBCA had sought quotations from Sindh Bank and Allied Bank, according to these, Sindh Bank has offered even a one percent lower interest rate than Allied Bank, which means if Rs.10 billion is deposited for one year, the organization will incur a loss of Rs.100 million.
Despite this, the process of transferring the funds to Sindh Bank has been started, with Rasheed Solangi has allegedly been offered huge financial benefits.
Transferring funds at low interest rates will not only reduce the rate of return but also lead to significant losses for both the employees and the institution. Conversely, Sindh Bank will benefit immensely by offering returns at below market rates.
According to insiders, the SBCA’s Admin Section and Finance and Accounts department are actively working to facilitate the transfer money from the old bank to the new one.
