Ponzi | Pakistan

The National Cyber Crime Investigation Agency (NCCIA), in a joint raid along with intelligence and law enforcement agencies, arrested several foreign nationals allegedly running a fraudulent Ponzi scheme network in Karachi’s Defence Housing Authority (DHA) area on Thursday, a statement from the agency said. A Ponzi scheme is a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors. Per the statement, the operation was conducted in DHA Phase 1 and Phase 6, where several foreign nationals were taken into custody during the action. “Important and sensitive data was recovered from the suspects, which is now being examined as part of the investigation,” the statement said. Preliminary inquiries suggest the detained individuals were allegedly running a “well-organised network through a Ponzi scheme,” the statement said, adding that the fraud had affected thousands of people, causing them “ser...