Thursday, 22 February 2024
Trending
Binance Cryptocurrency exchange company
FINANCE

Notice issued by FIA to popular cryptocurrency exchange Binance

The Federal Investigative Agency’s (FIA) Cyber Crime Wing said on Friday that it has issued a notice to an official from Binance, a popular cryptocurrency exchange, while investigating a multi-million dollar scam.

The agency, seeking a reply from the Binance official, added that a questionnaire has also been sent to Binance Headquarters.

If you want to become active tax filer or want to get tax, accounting and corporate services in Pakistan then we are here to provide you professional services! Call: 0092-3334875413 | www.globaltaxconsultants.pk

“The FIA Cyber Crime Sindh has issued order of attendance to Hamza Khan, General Manager/ Growth Analyst at Binance Pakistan (Crypto Currency Exchange) to explain his position on the linkage of fraudulent online investment mobile applications with Binance,” stated the handout.

“A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,” added the statement released by the FIA Cyber Crime Wing Sindh on Friday.

The FIA said that many online investment frauds are going on in Pakistan on the pattern of Ponzi Schemes wherein investors are promised unrealistically high return on their investment if they bring in more clients.

“These schemes benefit old clients at the cost of new clients and ultimately disappear when they have made substantial capital base worth billions of rupees.”

See also  Auto Financing by banks hit an all-time high

The statement added that on December 20, people contacted FIA Cyber Crime Sindh through social media and disclosed about at least 11 mobile applications namely MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK, and 91fp stopped working over a period of time “and have defrauded Pakistani people of billions of rupees”.

Each such application had on average 5,000 customers with HFC having maximum of 30,000 customers, it added.

The reported range of investment per person was from $100 to $80,000, with an estimated average of $2,000 per person thus making estimated scam stand at nearly $100 million.

FIA Cyber Crime Sindh stated that it has taken necessary actions to reach to the root of this scam. “All the Pakistani Bank accounts linked to such apps have been debit blocked; Telegram is being contacted to provide the whereabouts of admins of fraudulent apps; Social media influencers, promoting these apps, are being served with legal notices to explain their point of contact with apps.”

At least 26 suspect blockchain wallet addresses (Binance address) have been identified where fraudulent amounts may have been transferred. Furthermore, the letter has been written to Binance Holdings Limited to give details of these blockchain wallet accounts.

See also  Hackers managed to steel Cash from National Bank of Pakistan ATM

“Binance has also been asked to provide with conditions, official supporting documents, integration mechanism of these API’s with Binance,” it added.

The Cyber Crime Wing said that it expects Binance will adopt a liberal and swift approach in helping Pakistan track all these financial crimes.

“In case of non-compliance, FIA Cyber Crime will be justified to recommend financial penalties on Binance through State Bank of Pakistan,” it added.

Source: Business Recorder

tax accounting services top tax consultants lahore pakistan
Ads:
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: