FIA arrests scammer for cryptocurrency fraud of millions of rupees

The suspect, named Zafar Rana, would trick people on YouTube into investing in bitcoin and promised large profits in return.

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  • FIA arrests scammer for cryptocurrency fraud of millions of rupees

Federal Investigation Agency (FIA) has arrested a scammer involved in a cryptocurrency fraud of millions. The Cyber Crime Wing (CCW) of FIA has arrested a fraudster in Karachi for scamming hundreds of people of millions of rupees.

The suspect, named Zafar Rana, would trick people on YouTube into investing in bitcoin and promised large profits in return. He took 10,000 to 50,000 Euros per person, under the guise of ‘investment’, and laundered the money in Turkey and Dubai.

FIA arrests scammer involved in cryptocurrency fraud

After the victims lodged complaints with the FIA, Zafar fled the country but was apprehended by the agency after he returned to Pakistan. Likewise, the FIA also confiscated two smartphones, nine debit cards, Bittrex and Bitcoin cards, dubious transaction documents, a passport, a laptop, and a luxury car. An FIR has also been registered against him, and an investigation is underway to catch those who facilitated his actions.

This isn’t the first time that a case of this nature has occurred. In December of last year, FIA’s Khyber Pakthunkhwa (KP) Zone initiated an investigation into the province’s ‘first money laundering case through cryptocurrency.’ The accused, Danyal Farooq, belonged to the Nowshera district and was caught by the FIA after a case was registered against him for transactions worth Rs 870 million.

FIA accuses Waqar Zaka of luring the public into dubious crypto trade

Social media personality Waqar Zaka was also accused by the FIA of running a cryptocurrency scam. The case came up for hearing before Judicial Magistrate Mukesh Kumar.

Zaka was accused of luring people into dubious online cryptocurrency courses and using his social media platforms to advise the youth into investing in the business, despite the fact that it was prohibited by State Bank Pakistan. He also introduced a crypto coin ‘Tenup’ to attract people to take part in his business.

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