Pakistani Police Bust Crypto Investment Scam Gang, Involving Around $60 Million

On December 27, Pakistan’s National Cyber Crime Investigation Agency (NCCIA) conducted a joint raid in Karachi, dismantling an online investment fraud network known as the “International Scam Group” that scammed victims out of approximately $60 million. During the operation, authorities arrested 34 individuals in Phases 1 and 6 of the Defense Housing Authority (DHA) — including 15 foreigners and 19 Pakistani citizens. Sindh Province Home Minister Raja stated the group ran long-term “account grooming” scams targeting domestic and foreign victims via social media and instant messaging apps, luring them into fake cryptocurrency and forex trading schemes. Police seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and six illegal communication gateway devices. An investigation revealed the scammers first set up fake trading platforms, displaying forged profit data to gain victims’ trust. After victims invested around $5,000, the group demanded additional payments for taxes and withdrawal fees before disappearing. Funds typically flowed into overseas bank accounts and were then converted to cryptocurrency for cross-border transfers. The NCCIA noted the case involves multiple countries, with related investigations ongoing. To date, 22 suspects have been judicially detained.