The Federal Investigation Agency (FIA) has formed a fresh team to investigate a long-stalled Rs. 172 billion financial fraud case linked to call centres operating out of Islamabad, reviving a probe that had remained largely inactive for roughly two years.
Scale of the Alleged Scam
Investigators suspect the scheme involved moving billions of rupees abroad through cryptocurrencies, particularly Bitcoin, using a network of fake accounts. The FIA has identified 192 bank and microfinance accounts as suspicious as part of the widening probe.
While the FIA has flagged the possible involvement of senior government officials, the agency has been careful to note that no such involvement has been formally established at this stage. Call centre operators and account holders linked to the suspicious transactions remain under scrutiny as the investigation progresses.
The New Investigation Team
A nine-member Joint Investigation Team (JIT) has been constituted to take the case forward, led by Assistant Director Umar Arsalan. The team also includes Assistant Director Law Muhammad Afzal along with seven other officers. The JIT has been directed to submit weekly progress reports to the FIA Director in Islamabad, signaling a push for closer oversight after the case’s long period of inactivity.
According to the report, the case had remained stalled for approximately two years before this new team was formed, though the specific reasons behind the earlier delay were not detailed. The FIA said it is “examining claims that billions of rupees were transferred abroad through cryptocurrencies,” alongside the fake accounts already identified.
With weekly reporting requirements now in place, the case is expected to move at a faster pace than it has over the past two years, though the scale of the alleged fraud, at Rs. 172 billion, suggests the investigation could take considerable time to fully unravel.
For more on related developments, see our coverage of CDA’s operation against illegal buildings and SBP’s decision to hold interest rates.