Cyber scam: Victims stripped of billions in car, housing loan fraud

• Alleged fraudsters used shadow companies.
• Lured unsuspecting citizens into their trap.
  
• None of the suspects arrested in two years.

KARACHI: A new car and housing finance cyber-scam worth billions of rupees have come to light in which two suspects, after allegedly creating shadow companies on well-known e-commerce websites, defrauded hundreds of people without ever getting caught.

The victims claim that despite more than two hundred FIRs being registered, the accused are walking free.

According to a report, the alleged fraudsters would first lure buyers into their trap by tricking them into buying cheap houses and automobiles offered through shadow companies on a popular e-commerce website.

After receiving a down payment from an unsuspecting victim, the company would then employ delaying tactics by using the complicated clauses of the contract. When a worried victim would go to the police or register an FIR, the perpetrators would change the name of the shadow company and its staff.

According to documents available with Geo News, a case against these companies was transferred to National Accountability Board (NAB) from a high court in 2021, but to no avail even after two years.

Azhar Abbas Naqvi, the victim, says the total number of people who fell prey to these fly-by-night companies is said to be around 716, whereas the number of FIRs registered against them is 200. 

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

Geo News repeatedly tried to reach the accused by calling them at their given numbers, but without any success.