Eastern Bank PLC. (EBL) wishes to address recent reports regarding a legal case filed against the Bank by an individual customer on February 26, 2025. The case pertains to an incident of fund embezzlement that occurred in 2017, orchestrated by a former branch staff member in collusion with external fraudsters.
It is important to note that upon uncovering the fraudulent activities, EBL took immediate and decisive action by filing a case against the guilty staff members and their associates. The court subsequently convicted and penalized those responsible, sentencing them to imprisonment and imposing financial penalties.
The recent lawsuit, filed nearly eight years after the incident, unjustly implicates the Members of the Board of Directors and the Management Committee, despite their complete lack of involvement in the matter. Furthermore, at the time of the incident, there were strong suspicions that the customer filing the lawsuit may have had connections with the fraudsters. As per the standard practice, the Board of Directors and members of the Management Committee of the bank are not involved in the day-to-day transactions of customers. Despite this, on February 26, 2025, Mr. Murtoza Ali has intentionally filed a lawsuit against the members of the Board of Directors and the Management Committee with the aim of tarnishing the bank’s reputation and concealing his own involvement in the incident of 2017. This appears to be a deliberate attempt to exert undue pressure on the bank.
EBL upholds the highest standards of corporate governance, transparency, and legal compliance. The Bank remains committed to protecting the interests of its customers and stakeholders while ensuring that justice prevails. EBL will take all necessary legal measures to safeguard its reputation and the integrity of its management and Board and Eastern Bank’s Chairman, Board of Directors, and Management Committee have no connection to this incident.
We urge all concerned parties to rely on verified facts and judicial outcomes rather than misleading claims.
