Depositers Lose 420 Million In Ponzi Scheme: Pakistan

According to the latest reports, a Karachi-based social media influencer and businesswoman allegedly robbed around Rs 420 million from many Pakistani people. It primarily includes women through a Ponzi scheme.

Pakistani Women Robbed Through Ponzi Scheme

According to reports, the Karachi-based social media influencer and businesswoman, Sidra Humaid, actually ran a monthly ballot committee system. We all know that it is an old-age method of polling money commonly known as committees. However, Sidra Humaid didn’t keep any written records of depositors/contributors ending the whole scheme in total fraud.

Humaid is the owner of the ‘Daily Bites’ who allegedly defrauded hundreds of her depositors on her social media platform. On her social media account, Humaid said that she had “no means to pay off her committees” to around 200 contributors leaving them in deep shock and disbelief. The fact is that social media has been abuzz with stories of victims of what many described as a Ponzi scheme since the last week. Many victims even reached out to each other and formed WhatsApp groups in order to take action against Humaid. Reports claim that no one even had approached the police or the Federal Investigation Agency to register the case against Humaid in a bid to resolve the issue on their own. As a result of this, Ms. Humaid posted on social media:

“Please guys don’t panic. Your money will be returned in the coming months.”

There are many other victims who also claimed that they had lost a huge sum of money. One of them stated that he had a conversation with Humaid’s father. Her father said:

“They will only return the amount which was transacted in her account…”

However, the thing the victim used to send money directly into the account of the person who had a slot in that particular month at her behest. Let’s see what happens next as there is still no info regarding the whereabouts of Humaid.

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