FIA nabs group involved in Rs140 million E-commerce fraud in Karachi

WEB DESK: The Anti-Money Laundering and Counter-Finance Terrorism Circle of the Federal Investigation Agency (FIA) has launched an anti-money laundering case against individuals involved in a staggering online fraud exceeding Rs140 million in Karachi.

The accused are now facing charges related to the illicit purchase of assets using fraudulently acquired funds. The properties in question include a flat, a plot in Gulshan Iqbal, and a shop in Naaz Plaza.

The case underscores the agency’s commitment to curbing financial crimes and ensuring accountability.

According to FIA officials, the accused, along with their families and accomplices, engaged in a sophisticated scheme involving e-commerce transactions.

They allegedly utilised credit cards to make purchases and subsequently manipulated the system by cancelling the orders, effectively receiving a refund.

Interestingly, despite numerous warnings from vigilant merchants, the accused proceeded with their fraudulent activities. It is reported that only a fraction of the settlement amount was received in response to multiple advisories.

The remaining funds were clandestinely collected using various accounts across different branches of a private bank, resulting in a substantial financial loss amounting to Rs14.20 crore.

According to Express News, the FIA’s action comes after a detailed investigation by the Cybercrime Circle Karachi, prompted by a complaint from a private bank.

Subsequently, the FIR was transferred to the Money Laundering Circle for further inquiry under the provisions of anti-money laundering laws.

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