Karachi – The National Cyber Crime Investigation Agency (NCCIA) has struck a massive blow against what officials call an “international cartel” involved in a sophisticated cyber fraud network.
On Thursday, Sindh Home Minister Zia-ul-Hassan Lanjar, during a high-level press conference, announced that the magnitude of the online investment scam is estimated to have reached a staggering $60 million, with victims both within Pakistan and outside the country.
The Web of Deceit
The probe has revealed a cold and impersonal technique of robbing the victims of their savings. The scammers would take weeks or even months to gain trust using the social media.
They lured individuals into what they considered as valid cryptocurrency and forex deals. This online investment scam was supported by the fraudulent Telegram groups, whereby the platforms appeared very credible owing to the fraudulent conversations and activity taking place.
The victims received logins to portals where they could see amazing profits, which were completely made up and managed by the criminals.
An International Criminal Cartel
The operation, held in Karachi in the DHA Phase 1 and Phase 6, led to the arrests of 15 foreigners and 19 Pakistani nationals.
The police confiscated 10,000 foreign SIM cards, which they used to accept OTPs and PIN codes to generate thousands of fake Telegram and WhatsApp IDs.
These were then used to populate investment groups, using these accounts to give an illusion of a booming community to deceive new investors even more.
The minister observed that even though Pakistan is open to foreigners, the law will take its toll on those found to be committing crimes.
Modus Operandi: The $5,000 Threshold
The fraudsters relied on a certain psychological trick to steal as much as possible. After the fake profit of a victim had hit 5,000 dollars, the suspects would then impose extra fees or taxes on the money on false grounds before the money could be drawn.
When the victims used these additional charges, the scammers would simply block their accounts and vanish.
This online investment scam did not end in stealing money, and the money was deposited in the local bank accounts, changed into cryptocurrency, and transferred across the borders into the primary beneficiaries of the cartel.
Tip of the Iceberg
NCCIA Additional Director Tariq Nawaz cautioned that this bust would be only the tip of the iceberg in the campaign against international cybercrime.
Although 22 suspects are already in prison under judicial remand, the agency is still carrying out technical and financial investigations as a means of tracking the entire flow of the $60 million.
The government has pointed to the fact that the Online Investment Scam is a transnational crime, and they are already communicating with the foreign ministries of the countries that are affected by the organized network in order to reach out to the organized network of this digital trap in an effort to have it eliminated.
