According to ChainCatcher, Pakistan's National Cybercrime Investigation Agency (NCCIA) conducted a joint raid in Karachi, dismantling an online investment fraud network known as an "international fraud syndicate," involving approximately $60 million.
During the operation, police arrested 34 people in phases 1 and 6 of the defense residential area, including 15 foreigners and 19 Pakistani citizens. Sindh Home Minister Ranjar stated that the gang used social media and instant messaging software to conduct long-term "account farming" scams targeting victims both domestically and internationally, enticing them to participate in fake cryptocurrency and foreign exchange trading projects. Police seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal communication gateway devices.
Investigations reveal that scammers first set up fake trading platforms, displaying fabricated profit data to gain trust. After victims invested approximately $5,000, they demanded additional payments under the guise of taxes and withdrawal fees, then simply blocked the accounts and disappeared. Funds typically entered overseas bank accounts before being converted into cryptocurrency and transferred across borders. The NCCIA noted that the case involves multiple countries, and the investigation is ongoing. Currently, 22 suspects have been detained.
