Pakistani Police Dismantle Cryptocurrency Investment Fraud Ring, Involving Approximately $60 Million

The National Cyber Crime Investigation Bureau of Pakistan recently dismantled an international investment scam network, arresting 34 individuals and uncovering fraud cases totaling around $60 million.

The gang conducted long-term scams via social media, luring victims into fake transactions. Authorities seized a large amount of equipment, and the case is still under further investigation.

'BlockBeats News, December 27 — The National Cyber Crime Investigation Bureau (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 people in the Defense Housing Authority Phase 1 and 6, including 15 foreigners and 19 Pakistani citizens.

Sindh Interior Minister Ranjir stated that the gang used social media and instant messaging apps to conduct long-term "account nurturing" scams targeting victims both domestically and internationally, inducing them to participate 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 scammers first established fake trading platforms, displaying fabricated profit data to gain trust. After victims invested about $5,000, they would then demand additional payments under the guise of taxes, withdrawal fees, and other charges, before directly shutting down accounts and disappearing.

Funds typically first entered overseas bank accounts and were then converted into cryptocurrencies for cross-border transfer. NCCIA pointed out that the case involves multiple countries, and related investigations are ongoing. Currently, 22 suspects have been placed in judicial detention.