Pakistan NCCIA Dismantles $60M Global Cryptocurrency Scam Network in Karachi, 34 Arrested in Phase 1

In a coordinated operation in Karachi, NCCIA—Pakistan’s National Cyber Crime Investigation Agency—dismantled an online investment fraud network dubbed the International Scam Group, valued at approximately $60 million.

Authorities halted the network’s activity by detaining 34 individuals in Phase 1, including 15 foreigners and 19 Pakistani citizens, with six suspects held in the Defense Housing Authority precinct. Seizures encompassed critical tools: 37 computers, 40 mobile phones, more than 10,000 international SIM cards, and 6 illegal gateway devices.

Investigators report the group ran counterfeit trading platforms and posted forged profit data to win trust among domestic and international victims via social media and messaging apps, steering them toward fake cryptocurrency and forex schemes. After initial investments around $5,000, victims were pressed for taxes and withdrawal fees before the operators disappeared. Funds were routed to overseas accounts and converted into crypto to enable cross-border transfers. The case spans multiple jurisdictions, with 22 suspects currently detained and the inquiry ongoing.