Pakistani police dismantle a cryptocurrency investment scam gang, involving approximately $60 million.

On December 27, the National Cyber Crime Investigation Agency (NCCIA) of Pakistan conducted 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 individuals in the Defense Housing Area Phases 1 and 6, including 15 foreigners and 19 Pakistani citizens. Sindh Interior Minister Ranjal stated that the gang used social media and instant messaging apps to carry out long-term “account nurturing” scams against victims both domestically and internationally, luring them into fake cryptocurrency and forex trading projects. The police seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal communication gateway devices. The investigation revealed that scammers first established fake trading platforms, displaying fabricated profit data to gain trust. After victims invested about $5,000, they were asked to make additional payments under the guise of taxes, withdrawal fees, and other charges, then the accounts were immediately shut down and contacts lost. 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.