Pakistani police dismantle a cryptocurrency investment fraud gang, involving an amount of approximately 60 million dollars

The National Cyber Crime Investigation Agency (NCCIA) of Pakistan launched a joint raid in Karachi, dismantling an online investment scam network known as the "International Fraud Group," involving approximately $60 million.

During the operation, police arrested 34 individuals in the Defense Housing Authority Phase 1 and Phase 6, including 15 foreign nationals and 19 Pakistani citizens. Sindh's Interior Minister Ranjhar stated that the gang implemented long-term "account nurturing" scams against domestic and international victims through social media and instant messaging apps, luring them into participating in fake 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 the scammers first established a fake trading platform, displaying forged profit data to gain trust. After victims invested about $5,000, they were then asked for additional payments under the guise of taxes, withdrawal fees, and other charges, after which their accounts were directly closed and they lost contact. Funds typically first entered overseas bank accounts, then converted into cryptocurrency for cross-border transfers. The NCCIA pointed out that the case involves multiple countries, and related investigations are still ongoing. Currently, 22 suspects have been judicially detained.