Thousands of Pakistanis lose life savings in $100 million cryptocurrency scam

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Updated 14 January 2022
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Thousands of Pakistanis lose life savings in $100 million cryptocurrency scam

  • Investigators estimate some 37,000 people, mostly from Punjab province, had invested money in the scheme that promised to multiply it
  • In the wake of the crypto scandal, State Bank of Pakistan has recommended banning cryptocurrency in the country

KARACHI: Thousands of Pakistanis have lost their life savings in a $100 million cryptocurrency scam, the Federal Investigation Agency (FIA) has said, as it is probing the case amid recommendations to ban digital currencies in the country. 
The State Bank of Pakistan on Wednesday recommended banning cryptocurrency, arguing that allowing it would cause capital flight. The recommendation followed another by a committee formed by the Sindh High Court that also urged imposing a “complete ban.” 
The recommendations came as the court has been hearing a constitutional petition filed in 2019, which seeks to overturn the central bank’s guidance from 2018 advising banks and payment system operators against processing and investing in virtual currencies. 
The current ambiguity surrounding the legality of digital currency trade has made it easier for Pakistanis to fall prey to the recent scheme. 
Investigators estimate some 37,000 people, mostly from middle-class households in Punjab’s Faisalabad had been defrauded after investing money in the scheme that promised to multiply it. 
“The range of investment was from $100 to $80,000,” Imran Riaz, head of the FIA’s cybercrime division in Sindh, told Arab News earlier this week. “On an average each member has invested $2,000, so with safe estimation we can say that it (amount involved) is $100 million.” 

"There are many stories, many victims stories," he said. "There was one victim ... he sold all the gold of his mother to just get rich quickly, and his mother didn't know about it. He was crying all the time that 'what should I do and how should I tell this to my mother that I've lost everything?'"




Head of Federal Investigation Agency’s Cybercrime Zone in Sindh, Imran Riaz, talks to Arab News about a mega cryptocurrency scam in Karachi, Pakistan, on January 11, 2022. (AN Photo)

The scammers used fraudulent apps such as MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, 91FP, UG, TASKTOK, with the wallets of Binance, the world’s largest cryptocurrency exchange, linked to them. They would add their victims to Telegram groups where they shared advice on cryptocurrency trading. Once the users transferred their money from Binance to the apps used in the scheme, the applications would crash, and victims would no longer have access to their funds. 
Riaz said the FIA had approached Binance to get the record of 26 wallets that were used in the fraud. 
“We have asked Binance that, once you have integrated these apps with the system, (you) must have asked for certain additional security checks,” Riaz said. “On the basis of this information we can make a case and arrest people.” 
The company, he added, had agreed to extend its full support to the FIA and nominated a team comprising two former investigators of the US Department of Treasury to coordinate with FIA. 
Simon Mathews, Binance public relations director for Europe, told Arab News the company was in touch with FIA, but did not provide more details. 
Proponents of cryptocurrency trade in Pakistan argue that such scams are mostly caused by the absence of a legal framework. 
Waqar Zaka, a Pakistani television host and activist who is pleading a case for regulating digital currencies, believes regulation would help keep fraud at bay. 
“I pleaded the court that people have invested billions of rupees in crypto trade and the government should not declare it illegal,” he said. “Instead, it should devise a mechanism to legalize the business, and keep a check on transactions.” 


COMSTECH to host sixth OIC steering committee meeting in Islamabad from Apr. 22-24 

Updated 21 sec ago
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COMSTECH to host sixth OIC steering committee meeting in Islamabad from Apr. 22-24 

  • Meeting will focus on reviewing implementation progress of OIC’s science, technology and innovation agenda 2026, says COMSTECH
  • Representatives of 17 OIC institutions from Saudia Arabia, Turkiye, Jordan, Bangladesh, Malaysia and Pakistan to attend the meeting 

ISLAMABAD: The Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH) is set to host the sixth meeting of the OIC steering committee for the implementation of the OIC Science, Technology and Innovation (STI) Agenda 2026 from Apr. 22-24 in Islamabad, the organization said recently. 

Established by the OIC in 1981 and headquartered in Islamabad, COMSTECH continues to serve as a cornerstone of the OIC’s mission to promote scientific excellence and technological innovation, focusing on sustainable development, poverty reduction and improvement in quality of life across member states.

Confirmed participants of the upcoming steering committee meeting include heads and representatives of 17 OIC institutions from Saudi Arabia, Kazakhstan, Turkiye, Jordan, Uganda, Bangladesh, Malaysia and Pakistan, COMSTECH said. 

“The upcoming Steering Committee meeting will focus on reviewing the implementation progress of the OIC STI Agenda 2026, which was initiated following the First OIC Summit on STI in Astana, Kazakhstan, 2017,” COMSTECH said in a statement issued on Sunday. 

“The agenda aims to foster research collaboration, knowledge sharing, and technology transfer among OIC member states to support sustainable development.”

It said key agenda items also include reviewing member states’ progress on STI Agenda 2026 goals, identifying new joint initiatives and partnerships and discussing future actions leading toward the proposed OIC STI Agenda. 

The meeting will also feature presentations from OIC institutions on their progress, challenges and recommendations under the Abu Dhabi Declaration (2022). 

To prepare for the event, COMSTECH’s Coordinator General Prof. Dr. M. Iqbal Choudhary chaired a high-level preparatory meeting at the body’s headquarters in Islamabad on Sunday where he issued key directives to ensure the smooth execution of the Steering Committee’s sessions. COMSTECH said its senior officials, program managers and departmental representatives attended the meeting.

COMSTECH said it continues to play a central role in facilitating STI cooperation and will oversee coordination among partner institutions to implement recommended initiatives and sustain momentum toward the strategic objectives of the OIC-STI agenda.


Pakistan to hold nationwide anti-polio drive from today to vaccinate over 45 million children

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Pakistan to hold nationwide anti-polio drive from today to vaccinate over 45 million children

  • Seven-day polio drive will be held nationwide from Apr. 21-27, says state media 
  • Pakistan and Afghanistan remain only two countries where polio remains endemic

ISLAMABAD: Pakistan will hold a seven-day anti-polio drive from today, Monday, to vaccinate over 45 million children against the disease, state-run media reported as Islamabad grapples to contain the infection. 

Polio is a paralyzing disease with no cure, and multiple doses of the oral polio vaccine — along with completing the routine immunization schedule for children under five — are crucial to building immunity against the virus. Pakistan, which has reported six polio cases so far in 2025, has planned three major vaccination campaigns in the first half of the year, with additional rounds scheduled for April and May. 

The seven-day campaign from Apr. 21-27 will be the second nationwide anti-polio drive to be held this year, which aims to vaccinate over 45 million children against the disease. Sharif on Sunday formally kicked off the campaign by administering polio drops to a few children during a ceremony in Islamabad. 

“It is my request to parents all over Pakistan that they help us out in administering polio drops to their children,” Sharif said at the ceremony. “Help our teams in the field so that this virus can be eliminated for good.”

The Pakistani premier thanked Islamabad’s local and international partners for helping fight the disease, saying he had no doubt Pakistan would stem the spread of the infection. 

Sharif said the government has undertaken stringent security measures in sensitive areas for polio volunteers. He called on authorities to mobilize the public so that they become “soldiers” in the fight against poliovirus. 

In 2024, Pakistan reported an alarming 74 polio cases. Along with Afghanistan, it remains one of the only two countries where polio is still endemic.

Pakistan’s polio program, launched in 1994, has faced persistent challenges including vaccine misinformation and resistance from some religious hard-liners who claim immunization is a foreign conspiracy to sterilize Muslim children or a guise for Western espionage.

Militant groups have also repeatedly targeted and killed polio vaccination workers. Gunmen attacked a vehicle and abducted two polio workers who were on their way home after visiting a health facility in Dera Ismail Khan, a district in restive Khyber Pakhtunkhwa province, earlier this month. 


Pakistan sets up 24/7 control room to address Afghan repatriation complaints

Updated 21 April 2025
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Pakistan sets up 24/7 control room to address Afghan repatriation complaints

  • The decision comes a day after Deputy Prime Minister Ishaq Dar met Taliban officials in Kabul
  • The government says nearly 85,000 Afghans have returned to their home country so far in April

ISLAMABAD: Pakistan has established a 24/7 federal control room to assist Afghan nationals and respond to complaints of harassment during their repatriation, according to a statement issued on Sunday, amid growing criticism of Islamabad’s ongoing deportation campaign.
The decision comes a day after Deputy Prime Minister and Foreign Minister Ishaq Dar visited Kabul and met senior Taliban officials to discuss bilateral cooperation, including issues linked to the mass return of Afghans from Pakistan.
“Pakistan has set up a 24/7 Federal Control Room at the National Crisis Information Management Cell (NCIMC) to assist Afghan nationals and address complaints of harassment during repatriation,” the office of Pakistan’s Special Representative for Afghanistan, Sadiq Khan, said in a statement.
It noted the helpline service was launched in line with Dar’s commitment during his visit to Kabul. Dar had promised that Pakistan’s interior ministry would issue a notification within 48 hours to streamline a complaints mechanism for Afghan returnees.
On Sunday, Pakistan’s foreign ministry said Dar spoke with Acting Afghan Foreign Minister Amir Khan Muttaqi to thank him for the hospitality extended during the visit. Both leaders expressed satisfaction over the outcome of their talks and agreed to “expeditiously implement the decisions taken for the mutual benefit of the people of the two countries,” the ministry said
Dar also invited Muttaqi to visit Pakistan, an invitation the Afghan official accepted.
The development comes as Islamabad presses ahead with a second phase of its repatriation plan, targeting more than 800,000 Afghans whose residence permits have been canceled.
Rights groups and Afghan officials have raised concerns about the treatment of deportees, many of whom have reported harassment, arbitrary arrests and family separations.
Pakistan says nearly 85,000 Afghans have returned so far in April, with a large number of them undocumented. The United Nations says more than half of them are children, with many families entering a country where women face restrictions on work and education under Taliban rule.
Islamabad has defended the deportation policy as a national security measure, pointing to rising militant violence and alleging that many Afghan nationals have remained involved attacks inside Pakistan. The Taliban government in Kabul, however, denies the charge.
The first phase of the deportation campaign began in late 2023 wherein hundreds of thousands of undocumented Afghans were expelled from Pakistan.


At Dubai exhibition, Pakistan’s envoy says art can shape global perception of his country

Updated 20 April 2025
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At Dubai exhibition, Pakistan’s envoy says art can shape global perception of his country

  • Ambassador Faisal Niaz Tirmizi visits Imran Qureshi’s exhibition during Alserkal Art Week in Dubai
  • He says art can build cross-cultural understanding, pledges support for future collaborations in UAE

ISLAMABAD: Pakistan’s Ambassador to the United Arab Emirates Faisal Niaz Tirmizi, said on Sunday art could serve as a powerful tool of soft power for his country, helping project its positive image on the world stage, as he visited an exhibition by a leading Pakistani artist in Dubai on its concluding day.
Titled “Vanishing Points,” the event ran from April 13 to 20 as part of Alserkal Art Week and was held at Concrete, a prominent contemporary art space at Dubai’s Alserkal Avenue.
Curated by Nada Raza, Director of the Alserkal Arts Foundation, the show featured Imran Qureshi’s latest body of work, spanning photography, video, painting and a site-specific installation, offering a vivid meditation on urban life and the visual chaos of South Asian cityscapes.
Known for pioneering a contemporary revival of Indo-Persian miniature painting, Qureshi’s practice blends traditional techniques with modern perspectives.
“Imran Qureshi’s art vividly transforms Pakistan’s day-to-day life into breathtaking visual narratives,” Tirmizi said after touring the exhibition.
“Through his lens, the bustling streets, Sufi shrines and architectural heritage come alive, arising a deep sense of connection,” he continued. “His depiction of a Sufi tomb with Qawwali resonating in the background is particularly mesmerizing and emotionally powerful.”
The ambassador emphasized the importance of art as a form of diplomacy, saying it could promote cross-cultural understanding and enhance Pakistan’s global standing.
He also pledged support for future cultural collaborations in the UAE, particularly with platforms like Alserkal Avenue that promote diverse artistic voices.
A recipient of Pakistan’s Sitara-i-Imtiaz, one of the country’s highest civilian honors, and France’s Chevalier de l’Ordre des Arts et des Lettres, a prestigious distinction recognizing significant contributions to the arts and literature, Qureshi is among the internationally celebrated artists.
His works are housed in prominent collections, including The Metropolitan Museum of Art, the Victoria and Albert Museum and the Guggenheim Abu Dhabi.
Qureshi’s works are also featured in Art Dubai, another major international art fair running in the city.
This year’s Art Dubai edition includes work by 10 Pakistani artists, reflecting the country’s growing presence on the global contemporary art scene.


Peshawar Zalmi reignite media partnership with Arab News Pakistan for PSL 2025

Updated 20 April 2025
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Peshawar Zalmi reignite media partnership with Arab News Pakistan for PSL 2025

  • Zalmi clinched the 2017 title and have remained strong contenders in subsequent seasons
  • After a challenging tournament start, they have bounced back with 120-run win against Multan

ISLAMABAD: A popular franchise of the Pakistan Super League (PSL), Peshawar Zalmi, announced on Sunday a renewed media partnership with Arab News Pakistan, continuing a collaboration that began in 2020.
The PSL, launched in 2016, is Pakistan’s premier T20 cricket league featuring six city-based teams.
Peshawar Zalmi, representing the capital of Khyber Pakhtunkhwa province, clinched the PSL title in 2017 and have consistently been strong contenders in subsequent seasons.​
“Proud to go global with @arabnewspk as our International Newspaper Partner for #HBLPSLX,” Zalmi announced on their social media account on X, exclaiming, “Where cricket meets the world.”​


Arab News Pakistan was launched in February 2018 and has since provided in-depth coverage of Pakistan, including sports.
Its parent organization, Arab News, was founded in 1975 and is part of the Saudi Research and Media Group (SRMG), one of the largest media conglomerates in the region.
Peshawar Zalmi had a challenging start to this year’s PSL but bounced back with a commanding 120-run victory over Multan Sultans on Saturday, marking their first win of the season. 
They are now set to face Karachi Kings in the next match on Monday at the National Stadium in Karachi.​