Karachi: Federal Investigation Agency (FIA) identified 100 million USD online fraud (Pakistani worth RS of 17.7 billion) by using cryptocurrency on Friday. According to local media reports FIA has issued notice to Binance representative in Pakistan over massive scam.
Mr. Imran Riaz-Additional Director Cybercrime wing said that scammers transferred money abroad via cryptocurrency.
FIA said that we have started investigation after receiving complaints of fleeced billion of rupees from Pakistani investors. He added that we have sort out elements from cryptocurrency representative regarding this mega scam in Pakistan.
FIA Investigations
Pakistani investors invested 100 US$ to 80000 US$ in scam applications. Scammers who programmed these apps are belonging to cryptocurrency, FIA officials added more.
He said all links and details have sorted out of those who involved in scam with Binance cryptocurrency. Their crypto accounts will get suspension soon. FIA officials further shared that cryptocurrency is helping terrorists by financing and increasing money laundering.
According to some resources different mobile applications offers Pakistani investors to invest in Virtual Currency. These apps linked to Binance and provide virtual platform for selling and buying Bitcoins.
However, RS 17.7 Billion of Pakistani investors vanished as these applications disappeared from store. Authorities said that scammers adopted unique way for scam. As they they had links with crypto exchange.
Scam Applications
Hamza Khan-local Binance representative called for FIA inquiry. During inquiry, it revealed that different applications and accounts named as HFC, MCX, FXCOPY, HTFOX, OKMINI, AVG86C, BB001, 91FP, BX66 and TASTOK have linked with Binance wallets.
State Bank of Pakistan had also issued a notice in 2018 that they have no license or authorization in purchase, sale, issuance or investment in virtual currencies, coins or tokens in Pakistan.
Federation of Pakistan Chambers of Commerce and Industry-FPCCI issued a report recently and claimed that Pakistani investors had 20 Billion US$ worth assets in cryptocurrency.
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