By: IMRAN KHAN
Karachi – September 3, 2024: A major financial fraud involving bogus international investment firms has been uncovered by the National Cyber Crimes Investigation Agency (NCCIA) Cyber Crime Reporting Centre in Karachi. The case came to light after a written complaint was filed by Mr. Abdul Berr, CEO of Loyd International General Solutions, who claimed to have been defrauded of $829,109—an amount equivalent to over PKR 288 million.
According to NCCIA sources, following the emergence of crucial evidence during the investigation, one of the key accused has been successfully traced and apprehended from Multan. The suspect has been transferred to Karachi for further interrogation. Meanwhile, raids are ongoing to arrest the remaining suspects.
Sources further revealed that two prime accused are currently abroad, and efforts are underway to extend the investigation to Dubai and Muscat through Interpol and international cooperation channels.
This case highlights growing concerns over transnational cyber-enabled frauds targeting Pakistani entrepreneurs and emphasizes the urgent need for robust due diligence mechanisms when engaging in overseas investments.
According to details contained in Enquiry No. 1947/2024, Mr. Berr was approached online by individuals posing as executives of two foreign companies: Al-Yoser Investments LLC, purportedly based in Muscat, Oman, and Fidelity Forfaiting Services LLC, allegedly operating out of Dubai. The scammers lured the complainant into signing digital food supply agreements for sites across Dubai, Oman, Saudi Arabia, and Bahrain. These contracts promised daily meal services for 10,000 people, at a rate of USD 55 per person, and included consultancy charges.
The agreements, Mr. Berr stated, were recommended and endorsed by Iftikhar Hussain Shah, who introduced himself as the owner of Shah Enterprises SPC. He assured the complainant that he would act as a business guarantor, charging a USD 5 consultancy fee from each daily meal payment. The complainant was also influenced by Amjad Ali, who advised him to proceed with the contracts, claiming they were legitimate international opportunities.
Subsequently, under Amjad Ali’s instructions, Mr. Berr was directed to make insurance-related payments to Faisal Raza, Amjad Ali’s son, in Dubai. Raza communicated via WhatsApp and email from the address contact@fidelityforfaiting.com, using Dubai phone numbers. A total of $550,000 was handed over in Dubai by a friend of the complainant, while the remaining $279,000 (PKR 97 million) was delivered in cash in Karachi.
The Karachi payments were received at the Loyd International office by Liaqat Ali (Amjad Ali’s brother), Akhtar Abbas (a relative), Muhammad Akbar, and two unidentified individuals. They insisted on cash transactions only, citing confidentiality and legal sensitivities, and refused to accept bank transfers or cheques.
Though two performance guarantees, allegedly covering $25 million in obligations, were issued by the accused, a third guarantee worth $12.5 million related to the Dubai sites was never delivered. Mr. Berr waited for weeks in the United States for the contracts to be activated but received no further communication. He later traveled to Dubai to investigate and discovered that Fidelity Forfaiting Services LLC did not exist and that Faisal Raza held no legal or official position with any registered firm.
Further personal inquiries by the complainant revealed that Al-Yoser Investments LLC Oman was also fictitious and that both operations were being run by Amjad Ali and Faisal Raza as part of an organized fraud ring. Additional connections surfaced, linking Akhtar Abbas and Liaqat Ali as close relatives of the masterminds, involved in receiving large sums under false pretenses.
The NCCIA concluded that the operation was a coordinated cyber fraud scheme involving forgery, misrepresentation, and misuse of digital platforms to deceive the complainant and extort large financial sums. Authorities have registered a criminal case under Sections 13, 14, and 24 of the Prevention of Electronic Crimes Act (PECA) 2016, read with Sections 406, 419, 420, 468, 471, 500, and 109 of the Pakistan Penal Code (PPC).
NCCIA officials have confirmed that efforts are underway to trace and arrest all individuals involved, and that international cooperation will be sought through Interpol and diplomatic channels to extend the investigation to Dubai and Muscat, where the fraudulent companies were falsely claimed to operate.
This case highlights growing concerns over transnational cyber-enabled frauds targeting Pakistani entrepreneurs and the need for stronger due diligence protocols for overseas investments.
