Investors lose millions in fraud by online investment companies

LAHORE: Investors have lost millions in a massive financial fraud by two online investment companies whose owners have vanished without a trace after collecting money, ARY News reported on Monday.

The massive financial fraud has unearthed after the registration of a case by a citizen for losing millions of rupees which he invested in an online investment company. The case was registered at the Civil Lines police station.

The First Information Report (FIR) stated that two accused namely Yasir Hayat and Ahmed Nadeem from Rahim Yar Khan established offices on Abbottabad Road.

It stated that two companies were registered by the names of Capital FX and Betfire besides establishing their offices two years ago.

READ: FIA detains group comprising foreigners, local involved in cyber frauds

According to the FIR, the companies were running an online trading business in the international market. Last week, the websites and offices of the company had been suddenly closed and their owners fled somewhere.

The affected citizen said that he is also approaching Federal Investigation Agency’s (FIA) cybercrime circle to take action against the fraudsters.

In February, the Federal Investigation Agency’s (FIA) cybercrime wing had arrested two Nigerian nationals for committing online fraud.

Read: FIA told to halt action against people possessing cryptocurrency

According to a spokesperson, the foreign nationals were arrested by FIA Cybercrime Wing of Quetta after a complaint was filed against them.

The spokesperson noted that two Nigerians convinced him that they desired to send him mobile phone and $10,000 as a gift. The foreigners took Rs419,500 as customs clearance charges, parcel registration charges, and taxes.

Following the complaint, the FIA Cybercrime Wing raided their house and arrested the foreigners. The raiding team also recovered mobile phones from their possession.

In 2021, the cybercrime wing of the Federal Investigation Agency arrested ‘five foreigners and their accomplices during separate raids conducted in Lahore and Islamabad.

The FIA cybercrime wing spokesperson said that five foreign citizens have been arrested during a raid in Lahore. The accused were involved in financial scams through social media, it added.

Moreover, the FIA officials have also arrested their ‘Pakistani partner’ from Islamabad besides seizing fake currency and modern equipment during the raids.