KARACHI: Pakistan Rangers Sindh on Friday claimed to have busted a group involved in cyber crime and arrested four people from Gulshan-e-Iqbal area of the city.
The suspects named Muhammad Javed Khan, Salahuddin, Shah Nawaz Hussain Siddiqui, and Zulfiqar Ali were part of a network operated with the connivance of hackers.
The network is responsible for massive financial losses through ATM fraud, hacking of multiple bank accounts, and fake credit cards.
They are alleged to have cause financial losses amounting to 8 million euros and one million dollars through unscrupulous activities, and getting access to banking data of private accounts of several banks around the world.
They were also reportedly responsible for another transaction amounting to the transfer of 7 million dollars. The arrested suspects would receive hefty commissions over the illegal transactions.
They would use magnetic strip (RW) machine through which they would embezzle funds through fake credit cards developed with magnetic strips.
The Rangers also recovered a 9mm pistol, seven rounds of ammunition, one magnetic strip (RW) machine, and 120 magnetic strip cards. They have been handed over to Police for further investigation and legal procedures.