BlockBeats news, December 27, the Pakistan National Cyber Crime Investigation Agency (NCCIA) conducted a joint raid in Karachi, dismantling an online investment fraud network known as an ‘international scam ring,’ 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 Interior Minister Ranjar stated that the group used social media and instant messaging apps to carry out long-term ‘account grooming’ scams against domestic and international victims, luring them into 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 set up fake trading platforms, displaying fabricated profit data to gain trust. After victims invested around $5,000, they demanded additional payments under pretexts such as taxes and withdrawal fees, then directly blocked accounts and disappeared. Funds typically first entered overseas bank accounts before being converted into cryptocurrencies for cross-border transfers.
NCCIA noted that the case involves multiple countries, and related investigations are ongoing. Currently, 22 suspects have been placed in judicial custody.
