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“
Islamabad expresses solidarity with Myanmar, Thailand after earthquake kills over 150
- The shallow 7.7-magnitude tremor hit Myanmar’s Sagaing on Friday afternoon and was followed minutes later by a 6.4-magnitude aftershock
- The quake flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, demolished a 30-story skyscraper in Bangkok
ISLAMABAD: Pakistan on Friday expressed solidarity with Myanmar and Thailand after a powerful earthquake killed more than 150 people and injured hundreds in the two Southeast Asian countries.
The shallow 7.7-magnitude tremor hit northwest of the city of Sagaing in central Myanmar in the early afternoon, and was followed minutes later by a 6.4-magnitude aftershock.
The quake flattened buildings, downed bridges, and cracked roads across swathes of Myanmar, and even demolished a 30-story skyscraper under construction hundreds of kilometers (miles) away in Bangkok.
The Foreign Office in Islamabad said the Pakistani people were saddened by the heartbreaking news of the devastating earthquake and their thoughts were with everyone impacted by this tragedy.
“We applaud the courageous individuals and emergency responders who are working diligently on the ground to deliver rescue and relief efforts. Their bravery and commitment during this urgent time are truly admirable,” it said.
“We express our solidarity with the governments and communities affected during this challenging period. May strength and resilience lead those impacted toward healing and recovery.”
While the full extent of the catastrophe is yet to emerge, the leader of isolated Myanmar, in the grip of a civil war, issued a rare plea for international aid.
Junta chief Min Aung Hlaing said 144 people had been killed, with 732 confirmed injured, but warned the toll was “likely to rise.” Eight deaths have been confirmed so far in Thailand, with more expected.
“In some places, some buildings collapsed,” he said in a televised speech. “I would like to invite any country, any organization, or anyone in Myanmar to come and help. Thank you.”
Across the border in Thailand, a 30-story skyscraper under construction collapsed to a tangled heap of rubble and dust in a matter of seconds.
Interior Minister Anutin Charnvirakul said eight dead bodies have been recovered and, with between 90 and 110 people unaccounted for, the toll is expected to rise.
“We see several dead bodies under the rubble. We will take time to bring the bodies out to avoid any further collapses,” he told reporters.
Earthquakes are relatively common in Myanmar, where six strong quakes of 7.0 magnitude or more struck between 1930 and 1956 near the Sagaing Fault, which runs north to south through the center of the country, according to the United States Geological Survey (USGS).
A powerful 6.8-magnitude earthquake in the ancient capital Bagan in central Myanmar killed three people in 2016, also toppling spires and crumbling temple walls at the tourist destination.
Pakistan PM calls for national unity to tackle militancy, economic issues
- The statement comes amid Pakistan’s efforts for economic recovery under a $7 billion IMF bailout program
- The country is also battling twin insurgencies in its western provinces of Khyber Pakhtunkhwa and Balochistan
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for unity and harmony in the society to eradicate militancy and address the country’s economic issues.
The prime minister said this while addressing a National Youth and Ulema Convention in connection with Jumatul Wida in the federal capital of Islamabad.
The statement came amid the South Asian country’s efforts to recover from an economic meltdown under a $7 billion International Monetary Fund (IMF) bailout program secured last year.
Pakistan is also battling twin insurgencies: one led my religiously motivated groups, mainly the Tehreek-e-Taliban Pakistan (TTP), in Khyber Pakhtunkhwa and the other by ethno-nationalist Baloch separatist groups in Balochistan.
“Unfortunately, the society is being poisoned by disinformation and propaganda,” Sharif said. “We have a chance today as well to place our personal wishes and ego beneath Pakistan.”
According to the 2025 Global Terrorism Index (GTI), Pakistan is now the world’s second-most affected country by militant violence, with deaths rising 45 percent to 1,081 in 2024.
The 12th annual GTI report, published by Australian-based think tank Institute for Economics and Peace, ranked 163 countries in 2024, covering 99.7 percent of the world’s population and analyzing the impact of militant activities worldwide. Pakistan is second only to West African country Burkina Faso on the list.
Sharif emphasized that people from all walks of life, especially religious scholars, have the responsibility to play their role in ending internal divisions based on religious and ethnic divides.
“We have treasures worth billions present in our mountains,” he said. “Pakistan did not come into being so that we keep taking loans and live a life in debt.”
Sharif underscored the importance of setting aside personal desires and egos in the best interest of Pakistan, saying that Pakistan’s armed forces were making unparalleled sacrifices in the fight against militancy.
He urged the attendees to forge national unity, calling it the “only path to achieving a respectable position in the comity of nations.”
Mobile banking, e-wallets drive 12% growth in Pakistan digital payments
- Pakistan, home to one of the world’s largest unbanked populations, has undertaken several reforms to document and digitize economy
- Retail transactions witnessed an 11% increase in volume from Oct. till Dec. 2024, with digital channels processing 88% of transactions
KARACHI: Pakistan witnessed a growth of 12% in the volume of retail digital payment transactions from Oct. till Dec. 2024 on a year-on-year basis, the Pakistani central bank said, attributing it to the largescale use of mobile banking and e-wallet services.
Retail transactions witnessed an 11% increase in volume, reaching 2,143 million, while the value of transactions increased by 12% to Rs154 trillion, according to the State Bank of Pakistan (SBP).
The growth in value was primarily driven by mobile banking app payments, and Internet banking payments, and over-the-counter (OTC) transactions at bank branches.
“Digital payment channels processed 88% of all retail transactions by volume, with mobile app-based banking playing a crucial role,” the SBP said in its quarterly report issued on Friday.
“These platforms which includes mobile banking apps, branchless banking (BB) wallets, and e-Money wallets, collectively processed 1,450 million transactions worth PKR 24 trillion, marking a 12% increase in volume and 28% increase in value.”
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64% of its adult population having a bank account, according to central bank figures. The South Asian country has lately undertaken several reforms to document and digitize economy and broaden its tax base.
The number of users leveraging digital banking services also saw a steady rise in the second quarter of this fiscal year, according to the SBP.
“Mobile banking app users grew to 21 million (↑7%), e-Money and BB wallet users increased to 4.7 million (↑13%) and 64.3 million (↑7%) respectively, while Internet banking users reached 13.3 million (↑7%),” it said.
Digital e-commerce transactions increased by 30% in volume to 152 million, amounting Rs193 billion, up by 32%, according to central bank figures.
The SBP-operated Raast Instant Payment System processed 296 million transactions, while the Real-time Gross Settlement System (RTGS) registered a 19% increase in large-value transactions.
The central bank said Pakistan’s transition toward a digital economy was being driven by the SBP’s strategic initiatives and collaborative efforts of banks, fintechs, and payment service providers, and it was committed to further fostering financial inclusion and enhancing payment efficiency for individuals and businesses.
Top journalist body condemns ‘illegal visit’ of Pakistani journalists to Israel
- Israeli media reported a 10-member Pakistani delegation this month visited Israel for a week
- Karachi Press Club calls the visit an ‘effort to whitewash Israeli crimes,’ demands investigation
KARACHI: A top Pakistani journalist body on Friday condemned a recent visit by a group of local journalists and researchers to Israel, calling it an “effort to whitewash Israeli war crimes against Palestinians.”
A 10-member Pakistani delegation of journalists, intellectuals and influencers this month visited Israel for a week to learn about the Holocaust and the October 7, 2023 attacks by Hamas, according to Israeli media.
Pakistan does not have diplomatic relations with Israel and has consistently called for an independent Palestinian state based on “internationally agreed parameters” and pre-1967 borders.
In a statement on Friday, the Karachi Press Club's (KPC) joint action committee, which represents multiple journalist unions, said the Pakistani journalists who undertook the visit do not represent the “broader media community of Pakistan.”
“We stand firm in our unwavering support for the Palestinian cause and denounce any attempt to normalize relations with a regime engaged in systematic ethnic cleansing,” the committee said in a joint statement, citing KPC President Fazil Jamili.
“The journalists in Pakistan have always been at the forefront of highlighting the suffering of oppressed people, and we will not tolerate any actions that undermine this solidarity.”
Israel Hayom, a Hebrew-language Israeli newspaper, reported the Pakistani journalists and researchers, including two women, arrived in Israel this month and carried passports declaring their invalidity for travel to Israel.
“Despite this, they bravely accepted an invitation from Sharaka, an organization working to strengthen relations between Israel and South Asian countries,” the report said. “To protect the delegation members, their passports were not stamped, and publication of their visit was delayed until they returned safely home.”
In response to media reports about the visit, the Foreign Office in Islamabad said Pakistan’s position on Israel “remains unchanged.”
“Pakistani passports explicitly state they are ‘not valid for travel to Israel’,” it said.
“Pakistan does not recognize Israel and steadfastly supports the legitimate rights of the Palestinian people, including the establishment of an independent and sovereign Palestinian state based on pre-1967 borders.”
The KPC committee lamented that the visit, which occurred at a time when over 150 journalists have been killed by Israeli forces for exposing the truth, amounted to “complicity in Israel’s war crimes and genocide against the Palestinian people.”
It called for an immediate investigation into how these individuals were able to visit Israel.
Pakistan among top countries for crypto adoption with 20 million users — adviser
- Pakistan Crypto Council set up this year to set regulatory guidelines for adoption, lure foreign investment
- Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are not illegal or banned
ISLAMABAD: Pakistan is among the top countries in the world for crypto adoption, with around 20 million users, Pakistan Crypto Council (PCC) Chief Executive Officer Bilal Bin Saqib said on Friday.
The PCC, established by the government earlier this month, aims to create a legal framework for cryptocurrency trading in a bid to lure international investment. Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
“Around 20 million crypto users are in Pakistan,” Saqib said during a talk show on Geo News. “We are coming on number three and four globally and there are many blockchain technology opportunities in Pakistan.”
Explaining the role of the PCC, Saqib said it would create a regulatory framework for crypto-related activities in Pakistan, including exchanges and licensing, and ensure a secure environment to protect Pakistanis from potential losses.
“Globally 0.24 percent cryptocurrency transactions are used for wrong things,” he said. “We want to use this technology for other things like real estate, agriculture and to unlock their liquidity.”
Saqib refrained from providing a timeline for when crypto would be legalized in Pakistan.
Speaking to Bloomberg earlier this month, Bilal, recognized by Forbes as a Web3 investor and blockchain strategist, highlighted that Pakistan offered one of the lowest operating costs for crypto businesses, making it a more cost-effective alternative to hubs like Dubai and Singapore.
He said regulatory sandboxes were being developed to create fast-track systems for crypto startups, enabling them to operate within a controlled and compliant environment.
Pakistan is also engaging with the UAE to learn from its regulatory model and is working closely with Nigeria and Turkiye on policy development, he told Bloomberg.
Regarding taxation, Bilal has said the government intended to implement a “balanced pro-growth tax structure” to encourage foreign investment in the sector.
He emphasized that cryptocurrency could significantly boost Pakistan’s fintech sector, positioning the country as a regional leader in digital finance.
