Lahore Man Loses Millions of Rupees in Online Business Scam

In another online fraud, a man from Lahore lost millions of rupees in an online business scam. He filed a case against Yasir Hayat and Ahmed Nadeem over fraud charges at the Civil Lines police station in Lahore.

The applicant in his FIR said Yasir and Ahmed Nadeem established two companies at Abbottabad Road two years back, in which he invested millions of rupees. The companies “Capital FX” and “Betfire” were doing online trading at the international level.

Lahore Man Loses Millions of Rupees in Online Business Scam

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However, last week, the owners of the companies disappeared. The website of the companies has also been closed. The plaintiff has demanded the arrest of the companies’ owners and recovery of his money.

Earlier this year, the Federal Investigation Agency’s (FIA) Cybercrime Wing arrested two Nigerian nationals for committing online fraud.

According to a spokesperson, the foreign nationals were arrested by the FIA Cybercrime Wing of Quetta after a complaint was filed against them.

The spokesperson noted that two Nigerians convinced him that they desired to send him a mobile phone and $10,000 as a gift. The foreigners took Rs419,500 as customs clearance charges, parcel registration charges, and taxes.

These incidents are the alarming situation of the growing threat of online investment scams in Pakistan. Unsuspecting individuals are lured into these schemes with the promise of substantial returns. However, these scams often lead to substantial financial losses. The most recent Ponzi scheme involved a trading platform known as IDA. The platform abruptly shut down, causing significant losses for many Pakistani users.

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