Pakistani authorities uncovered a $60 million international crypto investment scam network operating in Karachi. Law enforcement seized 37 computers, 40 mobile phones, more than 10,000 international SIM cards, and six illicit payment gateway devices. The operation relied on long-running social engineering via social media and instant messaging, with perpetrators impersonating traders or insiders to lure victims to fake crypto and forex platforms, promising high returns. Victims who invested around $5,000 were charged additional fees such as taxes, withdrawal fees, or account verification fees.
After the fees were paid, account access was blocked and all contact with the victims was severed. The National Cyber Crime Investigation Agency (NCCIA) has opened investigations under the Electronic Crimes Act and several provisions of Pakistan’s Penal Code; 22 suspects, including eight foreigners, are in pre-trial detention.
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