ChainCatcher reports that Pakistan’s National Cyber Crime Investigation Agency (NCCIA) conducted a joint raid in Karachi, dismantling an online investment fraud network referred to as an “international scam syndicate,” involving approximately $60 million.
During the operation, police arrested 34 individuals in phases 1 and 6 of the Defense Housing Authority area, including 15 foreigners and 19 Pakistani citizens. Sindh’s Interior Minister Rana Jahangir stated that the group used social media and instant messaging apps to carry out long-term “account grooming” scams against victims both domestically and internationally, luring them into fake cryptocurrency and forex trading schemes. Authorities seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal communication gateway devices.
Investigations revealed that the scammers first set up fake trading platforms, displaying fabricated profit data to gain trust. After victims invested around $5,000, they were asked for additional payments under pretexts such as taxes and withdrawal fees, after which their accounts were directly locked and contact was lost. Funds typically entered overseas bank accounts first, then were converted into cryptocurrencies for cross-border transfers. The NCCIA noted that the case involves multiple countries, and related investigations are ongoing. Currently, 22 suspects have been remanded into judicial custody.
