Online Housing and Auto Finance Scams Loot Billions of Rupees From Citizens


Two suspected online scammers have set up shadow organizations for housing and vehicle finance on well-known e-commerce platforms and bilked citizens out of billions of rupees, media reported. 

Over 200 FIRS have been filed against unknown individuals, according to the victims, but no action has been done by law enforcement agencies (LEAs). 

According to reports, the suspects attract customers by providing them with low-cost housing and automotive options through shadow firms on the country’s online shopping portals. 

After receiving a down payment from the citizens, they deploy delaying tactics through convoluted contract conditions. Furthermore, if the victims file a complaint or an FIR with the police, the suspects constantly change the identities of the phony firms. 

Furthermore, a lawsuit against such companies was transferred from the high court to the National Accountability Bureau (NAB) in 2021, but officials have made little headway. 

Azhar Abbas Naqvi, one of the victims, stated that 716 people have fallen victim to such organizations, but no arrests have been made to collect the stolen funds. 

“However, neither any of the main accused has been arrested, nor any victim’s money recovered so far,” added Naqvi. 

The news organization made many phone calls to the suspects but was unsuccessful each time. 

Earlier this year, The Federal Investigation Agency (FIA) discovered a cryptocurrency scam in which billions of rupees were stolen from Pakistanis utilizing internet trading apps. 

According to a media source, all of the applications were linked to Binance, the world’s top bitcoin exchange company. Scammers scammed Pakistanis of Rs18 billion, according to the report. 

Binance’s general manager in Pakistan and its headquarters in the United States have received notifications from the FIA Cybercrime Wing. 

Furthermore, the detectives suspect that terror financing and money laundering were taking place through the use of Bitcoin. 

A total of 11 mobile applications were implicated in online fraud involving Pakistanis, as per the reports.