Pakistan probes eight suspects over US$433m online gambling funds
The case covers financial activity involving 11 companies and about 10.5 million transactions through five branchless collection accounts.
Pakistan.- The Federal Investigation Agency (FIA) has opened a case against eight suspects following an investigation into an alleged online gambling operation that recorded Rs119.93bn (US$433.5m) in transactions. According to the FIA’s Faisalabad circle, the eight individuals were linked to a network that facilitated transactions for six online gambling platforms: U7777 Game, TD777, Game89, EPIWIN, B9 Game and S9 Game.
The investigation identified 11 single-member companies whose accounts were used to move funds allegedly linked to the gambling network. Five branchless collection accounts separately recorded Rs8.586bn (US$31m) across about 10.5m transactions. The agency also found indications that USDT and other cryptocurrency channels may have been used to move funds after they passed through the banking system.
Investigators are examining transfers between accounts and the subsequent movement of money through suspected hawala and hundi channels. The FIA will also investigate the possible involvement of bank officials and other institutions in the transactions. The agency has registered the case under relevant provisions of Pakistan’s Foreign Exchange Regulation Act and the Pakistan Penal Code.
The FATF has also identified hawala and other underground banking systems as potential channels for professional money-laundering networks, particularly those involving illegal gambling.
