ISLAMABAD           -           In September 2019, the management of Telenor Microfinance Bank detected cases of collusion to commit fraud between employees and people outside the Bank in a few branches of the Lahore region. After immediately notifying the regulator and law enforcement agencies, an investigation was conducted across all branches nationwide. The investigation has found credit irregularities with policy violations among a large number of employees across various branches. This is unacceptable to Telenor Microfinance Bank. The Bank has since then initiated a thorough process undertaken by an independent committee to investigate all employee cases related to the incident, and taken measures varying from written warnings to terminations. With the most severe cases of fraud, the matter has been reported to the police. The process is now ongoing. To ensure transparency and confidentiality, all suspected employees have been given a full opportunity and a fair chance to defend themselves. For those who appeal, they are allowed for a second hearing. In light of this process, Telenor Microfinance Bank has noticed that some affected employees are spreading false information through different mediums. The terminations from the Bank stem solely from the above-mentioned process and are related to former employees who have seriously violated company policies and the Code of Conduct. We reserve the right to take legal action against the elements spreading fake news and allegations against the Bank.