A massive online investment scam involving the “Gold Box” and “GLBX” applications has emerged, depriving hundreds of citizens of millions with empty promises of gold deliveries and high investment returns.
Citizens wanting easy money got nothing, except empty boxes and frozen accounts.
Investigators say the fraudulent setup was allegedly being run from an office in the Stock Exchange Building located in Islamabad’s Blue Area. Authorities claim the network collected over Rs134 million from at least 270 individuals through an online investment scheme.
The National Cyber Crime Investigation Agency (NCCIA) arrested three foreign nationals along with a female suspect, who were produced before the District and Sessions Court in Islamabad.
During proceedings before Duty Judge Naeema Iffat, NCCIA officials argued that the case involves a major financial scam and stated that further recoveries, including cash and digital evidence, are still to be made.
The court later approved a three-day physical remand of the accused and ordered that they be produced again after its completion.
According to investigators, the network used mobile applications and social media platforms to pose as a legitimate e-commerce and cryptocurrency investment platform. Users were allegedly enticed with promises of fixed daily profits and referral-based earnings. One complainant, Muhammad Ayaz Khan, alone is said to have suffered losses exceeding Rs54.1 million.
Officials further revealed that early investors were shown fake profits on digital dashboards to build trust. However, once larger sums were invested, users were charged additional “taxes” and withdrawal fees. After these payments, accounts were reportedly frozen, withdrawals halted, and communication with operators cut off.
The case has been registered under the Prevention of Electronic Crimes Act, along with relevant fraud and cheating sections. Authorities are currently tracing financial flows and identifying other individuals linked to the network.
During related raids, investigators reportedly recovered digital devices, servers, unauthorised payment gateways, and thousands of international SIM cards allegedly used in transferring funds.
Officials have urged the public to exercise caution when dealing with online platforms offering unrealistic or guaranteed returns. They also advised verifying whether investment companies are registered with the Securities and Exchange Commission of Pakistan before investing, and to report suspected fraud immediately to the NCCIA or the Pakistan Telecommunication Authority.
