Pakistani police have dismantled a cryptocurrency investment fraud ring involving approximately $60 million.

Odaily Planet Daily reports that Pakistan's National Cybercrime Investigation Agency (NCCIA) conducted a joint raid in Karachi, dismantling an online investment fraud network known as an international scam syndicate, involving approximately $60 million. During the operation, police arrested 34 people in Phases 1 and 6 of the Defense Residential Area, including 15 foreigners and 19 Pakistani citizens.

Sindh Home Minister Ranjar stated that the group used social media and instant messaging software to perpetrate a long-term account-farming scam against victims both domestically and internationally, enticing them to participate in fake cryptocurrency and foreign exchange trading projects. Police seized 37 computers, 40 mobile phones, over 10,000 international SIM cards, and 6 illegal communication gateway devices.