ISLAMABAD: The international cryptocurrency exchange Binance on Tuesday assured the Federal Investigation Agency (FIA) of its full cooperation in an investigation into a rupee 17.7 billion scam, Geo News reported.

It is relevant to mention here that the FIA ​​detected a $ 100 million (Rs 17.7 billion) online fraud related to the cryptocurrency and notified the local representative of Binance – the largest virtual exchange bureau. – to appear in person on January 10. According to a statement released in this regard, the FIA’s cybercrime official in Sindh, Imran Riaz, confirmed that Binance contacted the FIA, first by phone and then by sending an official email, assuring them of their cooperation in the investigation of fraud.

“The cryptocurrency exchange has appointed two of its officials to cooperate with the investigation,” he said, adding that both officials were former employees of the US Department of Finance and had investigated financial crimes. .

The FIA ​​official pointed out that billions of rupees have been transferred from Pakistan to China through 11 mobile apps. Shedding light on the details of the scam, Riaz said those involved in the online fraud transferred money overseas via cryptocurrency.

He added: “We have launched an investigation after receiving complaints about a fraud involving billions of rupees which was allegedly committed through eleven online applications. “

It is relevant to mention here that the FIA ​​had requested answers in this regard from the representative of the international crypto-exchange present in Pakistan. The provincial chief said people had invested between $ 100 and $ 80,000 in fraud claims.

“Those who developed these apps were tied to cryptocurrency,” said the FIA ​​official. He had also mentioned that the cryptocurrency accounts of anyone linked to the scam would be suspended. The FIA ​​official pointed out that the cryptocurrency is used for money laundering and terrorist financing.

According to the details, some mobile apps were asking Pakistanis to invest in digital currency. These apps were linked to Binance. However, these apps suddenly disappeared and the Pakistanis lost an investment of around 17.7 billion rupees. Authorities said the fraud “was carried out in a unique way.”