A man from Lahore experienced a devastating financial loss in online trading. A man from Lahore lost millions of rupees in an online scam. The man who chooses to remain anonymous invested a heavy amount in two companies involved in international online trading, namely Capital FX and Betfire. The companies are located in Abbottabad.
The companies promised to return a handsome amount on investment and fruitful results. But the situation changes when the owners disappeared and the company websites vanished into thin air.
The anonymous took legal action and launched a complaint against the two culprits Yaisr Hayat and Ahmed Nadeem at the Civil Lines Police Station. He asked for justice and the recovery of his lost funds.
This is not the only case reported in the current news, earlier the Cybercrime wing of the Federal Investigation Agency (FIA) arrested two Nigerians in Quetta involved in the same activity of fraud. The foreigners had motivated a party by promising a gift of a mobile phone and $10,000.
However, they forced him to pay Rs 419,500 under the guise of taxes, and parcel registration fees including customs clearance fees. The arrest face came to the notice of a complaint, further highlighting the problem of online scams.
As we know, with the advancement of the digital era, the Cybercrime rate has also increased massively. Due to this fact, people involved themselves in different kinds of online investments and later they face fraud and scams. These companies attract individuals with the promise of substantial returns.
Recently, the Ponzi scheme, a trading platform known as IDA, which abruptly shut down, gave the worst ditch to many Pakistani individuals. According to the news, the platform attracted a huge number of investors by promising a 6% return on a $35 investment, which is indeed a fruitful return. But the company faced a massive loss and left many in financial ruin. The owners of the companies tried different techniques and schemes to gain investors’ interest. Leveraging the influence of digital content creators and YouTubers. As the platform vanished, it left investors in a very bad financial crisis.
Different intelligence companies are trying to overcome these issues. Whereas, authorities are putting their efforts to apprehend culprits and protect the public from such scams. It is evident by the arrest of the two Nigerian nationals involved in the Cybercrime activity. It shows that the Federal Investigation Agency’s (FIA) Cybercrime wing has been crucial to these efforts.
Such actions by the authorities give a sense of protection to its citizens and give hope to those looking for justice. While agencies have intensified their crackdown on online scams. It’s not easy for individuals to spend a hefty amount on an online trading platform.
The prevalence of such scams badly needs an awareness program for the public to know the risks associated with such online investments. It is also a stark reminder that in case if the online investment seems good to be true, it probably is.
In conclusion, authorities and agencies are working to improve the online investment system. Whereas, it is every individual’s responsibility to be vigilant and informed before making any investment.