Cybercrime Reporting Centre of the National Cyber Crime Investigation Agency (NCCIA) in Gujranwala has uncovered a large-scale cryptocurrency and fraudulent investment scheme that has allegedly defrauded multiple victims of significant sums of money. According to an NCCIA spokesperson, the investigation began after a resident of Sangla Hill reported losing millions of rupees to individuals who claimed to represent an international company offering lucrative investment opportunities in digital currencies. This complaint triggered a wider probe into what appears to be a coordinated network of scammers exploiting online platforms to deceive unsuspecting citizens.
Initial findings from the inquiry reveal that the accused were collecting large amounts of money from victims through multiple bank accounts and mobile phone numbers to disguise the flow of funds. In one reported case, the complainant alone lost Rs1.28 million, underscoring the scale and financial impact of the scheme. Investigators said the perpetrators allegedly relied on fake WhatsApp profiles, international phone numbers, and misleading online advertisements to lure people into investing in fictitious cryptocurrency projects. By presenting themselves as representatives of legitimate foreign companies, the fraudsters built trust and encouraged victims to deposit money under false pretences.
NCCIA stated that the case has been formally registered at its Police Station in Gujranwala under FIR No. 170/2025. The charges include violations of Sections 13, 14, and 16 of the Prevention of Electronic Crimes Act (PECA) as well as Sections 419, 420, 468, 471, and 109 of the Pakistan Penal Code (PPC). Officials explained that these provisions cover offences related to cheating, impersonation, fraud, and the use of forged documents, which are frequently associated with online investment scams. This legal action reflects growing efforts to clamp down on cyber-enabled fraud schemes that have proliferated alongside the rise of digital assets and online financial platforms.
Authorities confirmed that efforts are underway to identify all individuals involved in the scam and to recover the defrauded funds from the various accounts used to receive the payments. NCCIA has also indicated that it is working with other law enforcement and regulatory bodies to trace money trails and dismantle the wider network facilitating such fraudulent activities. Officials warned citizens to exercise caution when approached by people or companies offering high returns on cryptocurrency investments without transparent credentials or regulatory oversight. By coordinating across jurisdictions and strengthening public awareness, NCCIA aims to disrupt similar schemes that exploit the rapid growth of digital finance and the lack of investor safeguards in emerging markets.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
