Pakistan has busted a transnational cryptocurrency scam involving $60 million.
PANews reported on December 27th that, according to Finance Feeds, Pakistani authorities in Karachi dismantled a transnational cryptocurrency investment scam network involving approximately $60 million. The raid seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal payment gateway devices. The scam group employed long-term social engineering through social media and instant messaging tools, posing as traders or "insiders" to lure victims into fake cryptocurrency and forex trading platforms, gradually swindling them out of their funds with promises of high returns. Once victims invested close to $5,000, the scammers would demand additional fees under the guise of taxes, withdrawal fees, or account verification fees. After payment, account access would be frozen, and all communication would be cut off.
Currently, the judge has detained 22 suspects, including eight foreign nationals, pending trial. The National Cybercrime Investigation Agency (NCCIA) has initiated investigations under multiple provisions of the Electronic Crime Prevention Act and the Pakistan Penal Code.
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