PESHAWAR: More than a 100,000 people in Pakistan’s northwestern Khyber Pakhtunkhwa province are believed to have been scammed out of Rs.5.6 billion by an online investment company that investigators failed to crack down on despite early reports of fraud, officials, lawyers and victims of the crime have said.
The company, PSlash, opened an office in Peshawar’s Deans Trade Center in January this year, promising profits of up to 13 percent on investments in real estate and digital and foreign currency. On its last day of operation on November 19, the firm had 105,000 registered investors, a former employee told Arab News.
But on November 20, a notification appeared on the website: “System is hacked.” Since then, victims of the scam say they are unable to reach any of the people who had said they were employed with the company. Many have lost their entire lifesavings.
The loss could have been avoided, lawyers and victims of the fraud say, if investigators and regulators had reacted in time. Indeed, reports of problems with the company were filed months before the company shuttered in November.
Jamal Afridi, an attorney for Yaseen Ullah, one victim of the scam, said he first filed a fraud report with the Federal Investigation Agency (FIA) on August 24 and another one with the Pakistan Telecommunication Authority (PTA) on September 16, saying the agencies “were sleeping when we were knocking at their doors.”
“On behalf of Yaseen Ullah, I met high officials and submitted written complaints to PTA, FIA and police about the suspected fraud company PSlash but no one took it seriously,” the Supreme Court advocate told Arab News.
“If the concerned departments had taken action accordingly, this billions of rupee scam would not have happened in Peshawar,” he added. “Now the government should investigate this issue and punish the concerned officers ... because of their negligence thousands of people lost money.”
Asad Khan, a provincial officer at the FIA, admitted that the online fraud was worth “billions of rupees” but declined to comment when asked why investigators had not acted earlier, despite reports of fraud.
“Right now, we are not in a position to disclose the initial progress [in the case],” he said.
PTA spokesman Khurram Mehrab told Arab News that the regulator started investigating PSlash after receiving a complaint in September, but declined to give more details.
“After receiving the compliant, we started an investigation into this online fraud,” he said. “There are thousands of websites, and until there is a complaint, PTA can’t monitor each and every one.”
It is unclear to date who the owner of PSlash was, but one police report filed in Peshawar names a Rabia Batool. However, neither investors nor former employees of the company that Arab News spoke with have ever met Batool.
Victims said they were in touch with two men called Wasim Zeb and Nabeel Khan who presented themselves as local executives of the company.
“I only knew the local executives and they would tell us that PSlash is a worldwide [company] investing in forex, digital currency and real estate trade,” a former employee told Arab News on condition of anonymity.
He said the company had changed its name three times, from Earn Bitcoin to Payslash and finally to PSlash. When investors questioned its credibility, agents and managerial staff would tell them that it was registered with the Company Security Exchange of Pakistan (CSEP).
A database of companies on CSEP’s website does not include the name of PSlash.
For now, there is no respite for victims of the fraud, many of whom are poor laborers who invested their entire life savings in the scheme.
Muhammad Noor, a daily wage earner, said a friend advised him to borrow money from relatives to invest in PSlash and make a quick profit. He invested Rs2.5 million ($15,625).
“Now I am under an unbearable burden,” he said. “I have already sold my wife’s jewelry.”
Construction contractor Abid Afridi invested Rs500,000 ($3,125) and received one interest payment of Rs10,000 ($62.5) — but only in the first month after the investment.
“It’s very unfortunate and shocking for me and my family that we have lost our savings,” he said. “I am unaware of the legal process and no one knows what to do now.”
Abdur Rehman, who invested Rs1.5 million ($9,375) in the business, said he and several other investors had paid the money to PSlash in person and in cash.
In November, Rehman said, a few of the investors had managed to trace Zeb, the alleged company employee, who had promised to recover their lost funds.
“I am with you and will recover your money soon,” Rehman said, quoting Zeb from the meeting. “But he has since disappeared into thin air.”
Scammers rob Rs5.6 billion in online investment fraud in Pakistan’s northwest
https://arab.news/bdavf
Scammers rob Rs5.6 billion in online investment fraud in Pakistan’s northwest
- PSlash opened an office in Peshawar in January promising profits of up to 13 percent on investments in real estate and digital and foreign currency
- On its last day of operation on November 19, the firm had 105,000 investors, on November 20 a notification on the website read “System is hacked“
Saudi cabinet approves memorandum of understanding with Pakistan to combat financial crimes
- The development signifies deepening strategic relations between the Kingdom and the South Asian state
- MoU was signed between Pakistan’s Financial Monitoring Unit and Saudi Department of Financial Investigation
ISLAMABAD: Saudi Arabia’s cabinet, chaired by Crown Prince Mohammed bin Salman, has approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU) to enhance cooperation in combating money laundering, terrorist financing and related crimes, the Saudi Press Agency reported this week.
Pakistan has faced significant challenges with money laundering and terrorist financing in recent years, leading to its placement on the Financial Action Task Force’s (FATF) grey list in June 2018.
After implementing comprehensive reforms to strengthen its financial system, the country was removed from the grey list in October 2022.
The FMU, established under the Anti-Money Laundering Act of 2010, serves as Pakistan’s financial intelligence unit, responsible for analyzing suspicious transaction reports and coordinating with international counterparts.
“[The cabinet approved] a memorandum of understanding between the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia and the Financial Monitoring Unit in the Islamic Republic of Pakistan regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes,” the SPA reported.
The MoU signifies the deepening strategic relations between Saudi Arabia and Pakistan. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.
Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.
The Saudi cabinet also highlighted the Kingdom’s hosting of the INTERPOL Regional Bureau as a significant step, saying it underscored international recognition of the Kingdom’s pivotal role in combating extremism and other crime in their different forms.
PM Sharif condemns deadly Sweden school shooting that left 11 dead
- The incident, which took place at an adult education school, is Sweden’s deadliest attack in recent history
- Police say the motive of the attack remains unclear, with Swedish PM calling it a ‘painful day’ for his country
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday condemned a deadly shooting at a school in Örebro, Sweden, that left eleven people dead, expressing grief over the tragic act of gun violence and extending condolences to the victims and their families.
The shooting, which took place on Tuesday at the Risbergska school for adult education, is Sweden’s deadliest gun attack in recent history.
Police said the gunman was believed to be among those killed, while authorities continued their search for other possible victims. The motive for the attack remains unclear.
“Deeply saddened by the tragic act of gun violence at a school in Örebro, Sweden, that claimed so many innocent lives,” Sharif said in a social media post on X, formerly Twitter.
“My thoughts are with the victims, their families, and the entire community during this painful time,” he added.
The Risbergska school serves adults who did not complete their formal education or failed to attain the necessary grades for higher education.
Located on a shared campus with children’s schools, it is a key part of Sweden’s adult education system, which includes many immigrants striving to improve their qualifications and find employment while learning Swedish.
Sweden has been grappling with a surge in shootings and bombings linked to gang violence, making it the European Union’s most gun-violence-affected country per capita in recent years. However, fatal attacks at schools remain rare in the Nordic nation.
Swedish Prime Minister Ulf Kristersson called it a “painful day,” acknowledging the shock and sorrow felt across the country as authorities investigated the incident.
-With input from Reuters
PM Sharif mourns Aga Khan’s passing, hails his humanitarian legacy
- The 49th hereditary Imam of the Ismaili community died in Lisbon on Tuesday at the age of 88
- The Aga Khan spearheaded global efforts in poverty alleviation, health care and education
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday expressed grief over the passing of Prince Karim Aga Khan, calling him a visionary leader whose contributions to development and humanitarian causes will continue to inspire generations.
The Aga Khan, the 49th hereditary Imam of the Ismaili community and head of a major development aid foundation, died on Tuesday in Lisbon at the age of 88, his foundation announced. He spearheaded global efforts in poverty alleviation, health care and education, touching millions of lives across continents.
“I join the Ismaili community in mourning the colossal loss from the passing away of Prince Karim Aga Khan,” Sharif wrote on social media platform X. “A man of vision, faith, and generosity, his enduring legacy will continue to inspire generations. His contributions transcended borders, bringing hope and progress to communities in need.”
“He was a remarkable leader whose life was dedicated to uplifting communities across the world,” the prime minister added. “Through his tireless efforts in poverty alleviation, health care, and gender equality, he championed the cause of the marginalized, leaving an indelible mark on countless lives.”
The Aga Khan was widely respected for his philanthropic and development work. He founded and presided over the Aga Khan Development Network, which employs nearly 96,000 people and funds projects particularly in Asia and Africa.
Pakistan is home to a significant Ismaili community, particularly in the northern regions such as Hunza, Gilgit and Chitral. The Aga Khan’s institutions have played a vital role in improving education, health care and economic opportunities in these areas, helping to uplift remote communities. His network’s initiatives, such as the Aga Khan University and various rural support programs, have had a lasting impact on the country’s social development.
Born in Geneva, the Aga Khan spent his early years in Kenya before being appointed in Tanzania to succeed his grandfather in 1957. Over the decades, he expanded his community’s global presence, including in South Asia, Central Asia and the Middle East.
-With input from AFP
Pakistan PM asks India to hold ‘meaningful’ talks on Kashmir, says integration efforts have failed
- Shehbaz Sharif visits Muzaffarabad to commemorate the annual Kashmir Solidarity Day on February 5
- Gen. Asim Munir also travels to the region, says Kashmir will be free one day and become part of Pakistan
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday called on India to open “meaningful and result-oriented” dialogue over Kashmir, asserting that New Delhi’s unilateral measures to integrate the disputed Himalayan region have proved futile due to resistance among people.
Kashmir, known for the mesmerizing beauty of its lakes and snowcapped mountains, has remained contested between India and Pakistan since their independence in August 1947. The two South Asian nuclear rivals both claim it in full but control only parts of it. They have fought wars over the region and continue diplomatic efforts to highlight their respective political positions on the issue.
On August 5, 2019, India unilaterally revoked the special constitutional status of Jammu and Kashmir, stripping it of the limited autonomy it had enjoyed. The development was followed by Pakistan’s decision to downgrade its diplomatic ties with New Delhi.
Last year, India held legislative elections in Kashmir for the first time since the August 5 move, but the region continues to operate as a union territory under New Delhi’s direct control, limiting the legislative powers of its assembly.
Sharif said such measures were insufficient while addressing the legislative assembly of Azad Kashmir in Muzaffarabad to mark Kashmir Solidarity Day, adding that India continues to maintain a military stranglehold over the region despite these efforts.
“It is in the best interests of India and this region, that they move beyond the mindset of August 5, 2019, by implementing the United Nations Security Council resolutions to fulfill their promises made to the Kashmiris and world and come to a meaningful and result-oriented negotiations on Kashmir dispute,” Sharif said during his address to the assembly.
“Pakistan has always adopted the attitude of living in accordance with the principles of peaceful coexistence with its neighbors,” he continued. “We want all conflicts, including Jammu Kashmir, to be resolved through peaceful means, in accordance with the principles of diplomacy and democracy.”
Earlier, the prime minister urged the international community to press India to allow the Kashmiri people to determine their own future, saying the issue was “a key pillar” of Pakistan’s foreign policy and reiterating the country’s “unwavering moral, diplomatic and political support” for the Kashmiri people.
“I also avail myself of this opportunity to salute the resolve and courage of the valiant Kashmiri people, who continue to render innumerable sacrifices in their struggle to achieve their fundamental rights and freedoms,” he said.
Kashmir Solidarity Day is observed in Pakistan on February 5 each year to express support for the people of Indian-administered Kashmir. Different groups across the country are also expected to hold rallies to discuss the issue.
Chief of Army Staff General Asim Munir also visited Muzaffarabad during the day where he paid homage to the sacrifices of Kashmir people.
He reaffirmed that no act of aggression from the country’s enemies would go unanswered and underscored the army’s commitment to defending the nation’s sovereignty and territorial integrity.
“Without any doubt, Kashmir will be free one day and become part of Pakistan, as per the free will and destiny of the people of Kashmir,” he said.
Jeddah holds inaugural ‘Made in Pakistan’ expo, spotlighting top exports
- Expo will have sports goods, pharmaceuticals, processed foods and architectural designs
- Event will provide networking opportunities, fostering business collaborations across key sectors
ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) and the Ministry of Commerce are set to host a three-day Made in Pakistan Exhibition & Business Forum starting today, Wednesday, at the Jeddah Center for Exhibitions & Events, unveiling a diverse range of Pakistani products to tap into the lucrative Saudi market.
Saudi Arabia presents a key export opportunity for Pakistani businesses, given its strong consumer demand, large expatriate workforce and ambitious Vision 2030 economic reforms that emphasize diversification and foreign investments.
Pakistan has sought to strengthen business-to-business (B2B) ties with the Kingdom, with both sides announcing during Prime Minister Shehbaz Sharif’s visit to Saudi Arabia last October that they had signed 34 memorandums of understanding and agreements worth $2.8 billion to enhance private sector collaboration and commercial partnerships.
“The exhibition is designed to connect Pakistani businesses with Saudi and International buyers and investors, promoting the country’s products at an important destination of Saudi market,” TDAP said in a statement earlier this week, referring to the fair running from February 5 to 7.
It said the event will offer a unique networking platform, fostering direct business collaborations across key sectors, including food, textiles, engineering and services. It will also feature products ranging from sports goods, pharmaceuticals and processed foods to construction materials and architectural design, highlighting the breadth of Pakistani exports.
“The three-day event will feature an exhibition, B2B meetings, seminars with 135+ exhibitors representing Pakistan’s diverse industries,” the statement added.
TDAP said Pakistani firms aim to capture a greater share of Saudi imports, with significant business deals expected during the expo.
Organizers have positioned the event as a cornerstone for fostering deeper trade ties, further strengthening Pakistan’s footprint in the Gulf region.
