The National Cyber Crime Investigation Agency (NCCIA) has uncovered an international cyber fraud network involved in cryptocurrency and foreign exchange trading scam worth an estimated $60 million, arresting 15 foreign nationals during raids in Karachi, Sindh Home Minister Zia-ul-Hassan Lanjar said.
Addressing a press conference alongside NCCIA Additional Director Tariq Nawaz, the minister said the suspects were operating online investment scams through social media and messaging platforms, luring victims with promises of high returns from crypto and forex trading.
He said that a joint operation by NCCIA and other intelligence and law enforcement agencies was carried out last week in Defence Housing Authority Phases 1 and 6 in Karachi. The raids led to the arrest of 15 foreign nationals, including three women, and 19 Pakistani citizens.
Authorities seized 37 computers, 40 mobile phones, more than 10,000 international SIM cards, and six illegal gateway exchange devices. According to officials, the equipment was used to create fake social media and Telegram accounts, generate artificial engagement, and manipulate victims.
Lanjar said the international SIM cards were used to receive one-time passwords and verification codes for account creation and communication. He added that funds were collected in bank accounts in targeted countries, converted into cryptocurrency, and transferred across borders to the main beneficiaries.
Explaining the scam’s structure, the minister said victims were initially shown fake profits to maintain confidence. Once their supposed investment reached around $5,000, they were asked to pay additional fees under various pretexts. After the payments, their accounts were blocked.
The home minister estimated the total fraud at around $60 million and said technical and financial investigations were ongoing, with further developments expected. He noted that the case involved nationals of two or three countries with which Pakistan has important diplomatic relations, and that the matter had been taken up with the relevant authorities, without disclosing nationalities.
NCCIA has registered cases against the accused under various provisions of the Prevention of Electronic Crimes Act and the Pakistan Penal Code.
