Cybercrime Agency Arrests 34 in $60M Crypto Scam, Including 15 Foreigners
A global crypto fraud ring worth $60M is busted in Karachi; 34 people arrested, including 15 foreigners, by NCCIA during coordinated raids.
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KARACHI: Pakistan’s cybercrime agency has broken up a major international online investment scam, arresting 34 people, including 15 foreigners, in a series of raids across Karachi, officials said Thursday.
The National Cyber Crime Investigation Agency (NCCIA) said the suspects were part of a fraud ring that cheated victims out of nearly $60 million through fake cryptocurrency and forex investment schemes. Tribune reported that the arrests followed months of investigations based on complaints from both local and overseas victims.
Raids were conducted in DHA Phases I and VI, where authorities uncovered illegal call centres posing as financial advisory firms. Investigators seized dozens of computers and mobile phones, over 10,000 international SIM cards, and several illegal communication devices used to hide the scammers’ operations. (Business Recorder)
Sindh Home Minister Zia-ul-Hassan Lanjar, speaking with NCCIA officials, said the gang tricked people via social media, messaging apps, and professional networks. Victims were directed to fake trading platforms with fabricated profits and persuaded to invest more money before their accounts were suddenly blocked.
“These networks operate with polished scripts and digital tricks,” Lanjar said. He added that scammers used crypto wallets and foreign bank accounts to move money across borders, making detection difficult.
Officials said the foreigners worked alongside local partners, though their nationalities were not revealed. Some suspects may also be staying in Pakistan illegally.
The operation, which began after a December 18 raid, is considered one of the largest cyber fraud crackdowns in Pakistan. Investigators are now working with international law enforcement to trace offshore accounts and catch more suspects.
NCCIA officials warned the public to be cautious of online investment schemes that promise guaranteed returns.
“This is not the end,” an official said. “It’s a clear warning to organised cybercriminals.”
