Pakistan’s latest Ponzi scheme involved millions in losses as a trading platform IDA was shut down overnight.
As several Ponzi schemes have already cost unsuspecting Pakistani users millions, the latest fraud was unearthed when thousands of Pakistanis lost modest sums, all just to get easy money.
The IDA app played on different YouTubers and digital content creators to build trust while those YouTubers tricked already distressed masses to invest and rake handsome amounts in two fortnights.
IDA works by pooling money from young people by promising good returns, but eventually it collapses, like the previous schemes, leaving ruin in their wake. The platform promised people to get profit after a month gap.
It was learnt that investors were told to get $5 on each $35 investment and thus a large number of people put their hard-earned money in crypto trading app. People were lured with tall claims like they have the option to withdraw at any time but the facts were contrasting as only a few could withdraw their amount before the whole platform disappeared in the dark of the night.
To trick newbies, the group even holds several get together and events in parts of the country where they do their best to garner new clients. As more and more information started coming out, it was learnt that IDA use to ask members to bring more clients and make them deposit at least $125.
In the end, the application, its Whatsapp groups, online platforms, and helpline numbers turned offline, leaving people in misery and that’s at the time when most Pakistanis are struggling to pay for basic commodities.
A YouTuber that goes by the name of NTD Playz confirmed that several victims have filed a complaint against him and further proceedings are underway.
