ISLAMABAD - A foreign bank operating in Pakistan has deprived many local businessmen and depositors of hundreds of millions of rupees by employing different illegal and deceitful manoeuvres. One of the victims, who also filed a complaint with the State Bank of Pakistan, alleged that the bank in question had also involved in many illegal activities including tempering record and unauthorised transfer of funds to other countries owing to oversight and weakness of the regulators. Well-placed sources said that Emirates Financial Holdings of Sharjah, UAE sponsor and allottee of entire shareholding of Emirates Global Islamic Bank Limited (EGIBL) stepped into Pakistans banking sector in 2006 and started operations in 2007. Soon after commencing operations, the EGIBL entered in joint venture contracts with various builders for construction and developing commercial buildings on various locations in Karachi. Some of the businesspersons, who sold commercial plots or invested, supervised and executed the projects for profit, were simply denied payments after completion. They are still running from pillar to post to get their lost money back as the bank has taken possession of the properties without any payment, the sources said. Additionally, the foreign bank, not listed yet, has deprived many investors of hefty amounts by offering different investment opportunities like purchase of shares that were never delivered. Similarly, promises of share re-purchase were not fulfilled. Fake loans were created in the name of those who were seeking their money back while fake borrowers were shown transfer money abroad. The sources said that the regulators should take notice of fudging of accounts and money laundering allegations. The owner of the Faisal Vawda Group in Karachi is among those who lost hundreds of millions of rupees while dealing with the EGIBL, sources said and added that the State Bank of Pakistan is probing into the matter. When contacted, the spokesman of the SBP confirmed the receipt of complaints against the EGIBL but he declined to give any further details of the case. We receives of thousands of such complaints, and this the procedure of the SBP that we keep confidential process of investigations till these are finalised, he added. Meanwhile a former banker observed, A forensic examination of loan portfolio of the bank by authorities can reveal fictitious loan transactions in the name of fake persons. He further stated that the SBP authorities should walk into the bank to discharge their primary responsibility of safeguarding the interests of masses.