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Pakistan Police Bust Cryptocurrency Investment Scam Group, Involving Approximately $60 Million
Summary: According to reports, the National Cyber Crime Investigation Agency (NCCIA) of Pakistan conducted a joint raid in Karachi, dismantling an online investment scam network known as an international fraud group, involving approximately $60 million. During the operation, police arrested 34 individuals in the Defense Housing Authority Phase 1 and 6, including 15 foreigners and 19 ...
According to reports, the National Cyber Crime Investigation Agency (NCCIA) of Pakistan conducted a joint raid in Karachi, dismantling an online investment scam network known as an international fraud group, involving approximately $60 million. During the operation, police arrested 34 individuals in the Defense Housing Authority Phase 1 and 6, including 15 foreigners and 19 Pakistani citizens.
Sindh Province Home Minister Randhawa stated that the group carried out long-term scam operations on domestic and foreign victims through social media and instant messaging apps, enticing them to participate in false cryptocurrency and forex trading projects. Police seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal communication gateway devices.
Investigations revealed that scammers first set up fake trading platforms, displaying fabricated profit data to gain trust. After victims invested around $5,000, scammers would demand additional payments under the guise of taxes, withdrawal fees, etc., before disappearing. Funds typically flowed into overseas bank accounts before being converted into cryptocurrency for cross-border transfers.
NCCIA noted that the case involves multiple countries, with ongoing investigations. Currently, 22 suspects have been judicially detained.
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Link: Pakistan Police Bust Cryptocurrency Investment Scam Group, Involving Approximately $60 Million [Copy]
