2 people arrested in Pakistan for fraud of 200 million rupees in e-commerce


Pakistani authorities arrested two people in a Rs200million online business scam, days after the country’s leading investigative agency launched an investigation into cryptocurrency investment fraud by more than $ 100 million, according to media reports Sunday.

The Federal Investigation Agency (FIA) raided Karachi and arrested two people involved in the Rs 200million scam in the name of online commerce, The Nation newspaper reported, citing officials from the agency.

“They are both directors and CEOs of online companies used to defraud the public,” an official said.

A case has been registered with the FIA ​​against the suspects for having carried out suspicious transactions of Rs 200 million.

Last week, the FIA ​​detected a $ 100 million online fraud using a cryptocurrency and sent a notice to the local Binance representative.

“We have launched an investigation after receiving complaints about fraud involving billions of rupees committed using nine online applications,” FIA’s additional director of the cybercrime wing, Imran Riaz, told media.

Riaz said this cryptocurrency is used for money laundering and terrorist financing.

He explained that people invested between $ 100 and $ 80,000 in fraudulent apps and the developers of the apps were linked to Binance cryptocurrency, News International reported.

According to the details, some mobile applications offered Pakistanis to invest in virtual currency. Those apps were linked to Binance, the leading virtual platform for buying and selling Bitcoin and other similar cryptocurrencies, according to the document.

However, these applications suddenly disappeared and investments of around Rs17.7 billion made by Pakistanis were lost. Authorities said the single channel was adopted for fraudulent activity. The people who launched the apps had connections to the crypto exchange.

It should be noted that the State Bank of Pakistan (SBP), through a circular issued in 2018, informed the general public that it has not authorized or authorized any person or entity to issue, sell, buy or invest in such virtual currencies, coins. , tokens in Pakistan.

Recently, a report released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) found that Pakistanis hold $ 20 billion in cryptocurrency assets.

The Federal Board of Revenue has also launched a cryptocurrency investment survey to identify investors and their source of investment.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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