Web Desk
A massive online investment scam has rocked Pakistan, with Chinese and Pakistani fraudsters accused of swindling millions through a fake trading app, “IGIL.” Victims, lured by promises of high returns, lost their savings as the app vanished overnight.
The FIA has arrested 17 Chinese nationals, uncovering a sophisticated cyber fraud operation.
Taimoor Rasheed, a resident of Islamabad, invested Rs. 1 million in an online trading app called “IGIL,” expecting high returns.
Initially, his shares increased in value, but when he attempted to sell them for Rs. 5 million, the transaction failed. Soon after, the app and its related websites disappeared from the Google Play Store.
Following multiple complaints, the Federal Investigation Agency (FIA) launched an inquiry. Dozens of victims reported losing millions to the fraudulent scheme.
Investigations linked the scam to several Chinese and Pakistani nationals operating the platform.
FIA Arrests 17 Chinese Nationals in Financial Fraud Case
An Islamabad court has sent 17 Chinese nationals to jail on a 14-day judicial remand for their involvement in an online investment scam.
The FIA had requested an eight-day physical remand, but Judicial Magistrate Abbas Shah denied the request.
According to prosecutors, the accused used social media to deceive investors through cryptocurrency and financial scams.
FIA officials revealed that the suspects had defrauded victims of over Rs. 50 million. They were apprehended on March 15 as part of an ongoing crackdown.
The FIA’s Cyber Crime Wing has filed charges under the Prevention of Electronic Crimes Act (PECA) and other relevant laws.
Key Findings from the Investigation
An FIA investigator disclosed that a raid was conducted at a call center in Islamabad’s F-11 sector three days ago, leading to the arrest of 17 individuals.
The operation was based on intelligence gathered from three previously arrested suspects, who exposed further fraudulent activities in the city.
Authorities discovered that the Chinese nationals had been running the “IGIL” app to mislead people into fake stock market investments.
They were also involved in cryptocurrency fraud. FIA officials seized computers, mobile devices, and other digital evidence from the suspects.
Prosecutor Sheikh Aamir Anjum informed the court that strong evidence linked the suspects to the fraud. The FIA has appealed against the judicial remand decision in the district court.
Meanwhile, the defense lawyers have filed bail petitions, scheduled for hearing on March 19.
How the Scam Operated
Waheed Rehman, a lawyer representing the victims, stated that the fraudulent operation began in mid-2024.
The perpetrators attracted investors by promising lucrative opportunities in Pakistan, China, and other global markets.
To build credibility, they created legitimate-looking bank accounts.
The FIA’s report reveals that the scammers used social media and WhatsApp groups to promote the scheme, claiming it offered investment opportunities in the Pakistan Stock Exchange and China.
The “IGIL” app promised investors high returns, luring them into depositing money.
Investigators found that early investors received significant profits to build trust and encourage larger deposits.
Once a substantial amount was collected, the fraudsters moved the funds through cryptocurrency, shut down the app and associated websites, and vanished.
An FIA official confirmed that the suspects strategically utilized the banking system to purchase cryptocurrency and transfer the stolen funds abroad.
The Reality Behind the “IGIL” App
According to the FIA’s findings, the “IGIL” app was falsely promoted as an international investment platform. However, it was merely a front for an elaborate scam.
The Securities and Exchange Commission of Pakistan (SECP) had already warned the public on November 29, 2024, that the app was illegal and involved in fraudulent activities.
Additionally, “IGI Securities,” a legitimate investment company, clarified that it had no connection with “IGIL.”
The FIA is now expanding its investigation to track down all individuals linked to the scheme.
