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Afghan woman sought in alleged $1.1 Million bank theft

Kabul: The young woman worked for three years at the Afghan bank, officials say. Then one day she vanished. As did $1.1 million.Afghan authorities have been scrambling to track down the suspected thief and several

India TV News Desk Updated on: September 04, 2013 18:21 IST
Afghan Police With AK-47 Ran Away As Taliban Walked In

In 2010, regulators seized Kabul Bank, Afghanistan's largest lender, amid allegations of severe levels of graft. Its near-collapse and subsequent bailout represented more than 5 percent of Afghanistan's gross domestic product, making it one of the largest banking failures in the world in relative terms.



An independent report described Kabul Bank as being run like a Ponzi scheme. Investigators said some $861 million in fraudulent loans had disappeared into the pockets of associates of the men behind the bank.

Earlier this year, an Afghan tribunal sentenced two top Kabul Bank executives to five years in prison for misappropriating funds. Critics said the punishments were far too light and raised questions about President Hamid Karzai's commitment to rooting out corruption.

On Tuesday, Afghanistan announced it was trying once again to privatize what it had salvaged of the bank, which is now called New Kabul Bank.

Banks in Afghanistan have also been targeted by Taliban militants and criminal gangs.

Not only are they prime targets for people seeking to steal money, they also are gathering places for many government employees seeking to make deposits or cash their paychecks, thus making them attractive to suicide bombers.

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