Sindh’s National Cyber Crime Investigation Agency raided sites in Karachi’s Defence Housing Authority, arresting 34 people and seizing computers, phones and thousands of international SIMs. Authorities say the group operated fake trading platforms and Telegram communities to groom victims, convert proceeds to crypto and route funds overseas.

Sindh’s National Cyber Crime Investigation Agency (NCCIA) carried out coordinated raids at Defence Housing Authority locations in Karachi as part of an investigation into an alleged $60 million crypto and forex investment fraud. Officers arrested 34 suspects, including about 15 foreign nationals, and confiscated 37 computers, 40 mobile phones and more than 10,000 international SIM cards. Investigators say the ring maintained fake trading platforms and Telegram communities that were used to groom victims into depositing funds, after which proceeds were converted into cryptocurrency and transferred to overseas accounts and wallets. Law enforcement described tactics including fabricated payout screens, scripted community interaction and the use of nominee structures to obscure fund flows. Authorities have initiated judicial remands for the detained suspects and are pursuing financial and cyber forensic traces to identify co-conspirators and destination wallets. The raids reflect intensifying cross-border investigative cooperation and a focus on dismantling infrastructure that enables large-scale online investment fraud in Pakistan.