ISLAMABAD – The probe into suspicious digital transactions has now widened into a major crackdown, with more than 100 JazzCash accounts reportedly shut down as FIA targets an alleged network involving online gambling and digital hundi-hawala operations.
The fresh investigation led to the closure or suspension of more than 100 aggregator accounts associated with JazzCash, while payment channels connected with Easypaisa have reportedly faced delays as authorities tighten their scrutiny of digital transactions.
FIA’s Faisalabad investigation reportedly identified accounts belonging to 11 single-member companies through which a combined credit turnover of approximately Rs119.93 billion, equivalent to around $433.5 million, was recorded. Investigators also reportedly traced around Rs8.586 billion through five collection accounts, involving approximately 10.5 million transactions.
The scale of the transactions has placed the spotlight on the role of payment intermediaries and aggregators that facilitate digital collections and settlements.
FIA Faisalabad reportedly registered cases against eight suspects under the Foreign Exchange Regulation Act and relevant provisions of the Pakistan Penal Code. Investigators identified six online platforms, U7777 Game, TD777, Game89, EPIWIN, B9 Game and S9 Game, in connection with the investigation.
According to reports, payments linked to these platforms moved through bank accounts, mobile wallets and cryptocurrency, including USDT. The investigation also reportedly uncovered indicators of digital hundi/hawala and layering, raising concerns over the movement and concealment of funds through multiple financial channels. Two suspects, identified as Muhammad Zeeshan and Muhammad Hamza, were also reportedly arrested.
The investigation reportedly had direct impact on the mobile-payment ecosystem, with more than 100 aggregator accounts linked to JazzCash closed following FIA notices. Some accounts were also reportedly suspended after internal scrutiny.
The accounts allegedly handled substantial transaction volumes, meaning the action could have implications for payment processing activity and revenues, although the exact financial impact has not been officially disclosed.
The crackdown has also reportedly affected intermediary and merchant-payment channels associated with Easypaisa, although ordinary wallet services and peer-to-peer transfers have reportedly continued. Six payment companies, SWICH, Simpaisa, ajarPay, RapidPay, Zero Technologies and Finza Tech, have been linked in reports to payment or settlement delays.
Easypaisa fined, ordered to refund Rs40,000 to customer over unauthorized transaction
International payment processor dLocal has also reportedly confirmed that it was investigating processing issues connected with Easypaisa.
The reported disruptions have raised concerns within Pakistan’s fintech industry, particularly over the balance between stopping illicit transactions and ensuring legitimate digital commerce continues without interruption.
The developments come as the State Bank of Pakistan (SBP) continues to strengthen oversight of payment intermediaries and aggregators.
FIA investigation also comes against the backdrop of earlier action by the Pakistan Telecommunication Authority (PTA) and the National Cyber Crime Investigation Agency (NCCIA). Authorities had previously blocked 46 apps associated with online gambling, unregulated forex or trading activities and potentially problematic data-collection practices.
Earlier PTA actions also resulted in the blocking of hundreds of gambling-related websites and applications, with different reports citing figures of 184 and 260 platforms in separate enforcement drives.
The latest developments show growing challenge for Pakistan’s financial technology sector as authorities attempt to prevent mobile wallets, branchless banking accounts and digital payment gateways from being exploited for illegal activities.
The investigation reportedly involves not only gambling platforms but also suspected digital hundi/hawala operations, cryptocurrency transactions and layering of funds.
