FIA probes Rs120 Billion Betting Network linked to Easypaisa, JazzCash Accounts | CVHD

ISLAMABAD – A massive money trail has put Pakistan’s digital payment system under scrutiny, with the Federal Investigation Agency probing an alleged online betting network linked to Easypaisa and JazzCash accounts.

Investigators are looking into transactions worth nearly Rs120 billion routed through multiple companies, bank accounts and suspected cryptocurrency channels. The scale of the transactions is quite big as 11 Single Member Companies (SMCs) recorded combined credit turnover of Rs119.93 billion, while Rs118.80 billion flowed out of their accounts, according to FIA records mentioned in FIR.

Federal investigators allege that companies presented as legitimate e-commerce, construction, digital marketing and other commercial businesses were used to collect and move money associated with online betting platforms before routing it through multiple financial accounts and suspected digital hawala/hundi channels.

The investigation also points to alleged use of fabricated business details, layered bank transfers and possible assistance from payment-service insiders. The role of the individuals and any officials involved remains under investigation.

FIA’s Faisalabad Composite Circle registered the case after an inquiry into the companies’ financial activities, corporate structures and payment channels.

One of the most findings concerns 5 branchless banking collection accounts that allegedly received approximately Rs8.586 billion through 10.49 million transactions. According to FIR, the amounts deposited into these accounts corresponded with the payment offered on gambling platforms, helping investigators connect the financial transactions with suspected betting activity.

The agency alleges that corporate accounts were opened through JazzCash and Easypaisa during 2024 and 2025 under companies whose declared business activities did not match the transactions subsequently processed through them.

FIA alleges that certain officials linked with the payment services helped facilitate account openings or bypass compliance requirements. Their alleged involvement has not been established, and the investigation is expected to examine the role of relevant personnel.

The case raises questions about how corporate wallet accounts were verified, how payment activity was monitored and whether the systems in place were sufficient to identify suspicious transactions.

Companies processed nearly Rs120 billion

Martnmarts alone recorded more than Rs33.65 billion in credits. Three companies associated with Muhammad Zeeshan collectively processed approximately Rs47.78 billion, while entities associated with Imran Ali and Muhammad Amir accounted for additional substantial volumes.

FIR shows multi-stage payment chain in which funds allegedly moved through several institutions before reaching unrelated businesses and suspected informal settlement channels. Investigators say money collected through branchless accounts was transferred to company accounts maintained with Mobilink Microfinance Bank Limited (MMBL), which the FIR describes as swap accounts.

These accounts were reportedly maintained in Faisalabad, Sahiwal and Rawalpindi, with most located in Sahiwal. The funds were then moved into MMBL disbursement accounts, from which numerous smaller payments were made. After passing through these layers, substantial sums allegedly reached accounts maintained with Faysal Bank Limited and Dubai Islamic Bank Limited.

Five account entries listed in the FIR recorded approximately Rs19.27 billion in credits and Rs19.11 billion in debits.

FIA alleges that funds subsequently reached businesses in Peshawar, Buner, Shahkas and other northern areas, including scrap dealers, mobile-phone shops, cloth merchants, general suppliers, food-grain commission agents and spare-parts dealers.

Investigators said these businesses did not appear to match the declared commercial activities of the companies transferring the money. The alleged pattern of rapid transfers, multiple corporate accounts and payments to unrelated businesses is central to the FIA’s suspicion that the network was designed to obscure the source and destination of funds.

Digital hawala and USDT transfers

The investigation also traces suspected settlements through digital hawala/hundi arrangements and USDT cryptocurrency channels. According to the FIR, massive amounts were allegedly moved through Pakistani payment and banking accounts before being converted or settled through unauthorised foreign-exchange channels.

FIA identified 29 Currency Transaction Reports involving approximately Rs357.02 million associated with the individuals under investigation. Around Rs321.97 million was linked to transactions attributed to Z***.

FIR identifies U7777 Game, TD777 Game, 89F Game, EPIWIN, 1ee.com, 3rr.com, Z7.com, i8.fun, B9 Game and S9 Game among the platforms examined. The websites allegedly offered real-money games including Teen Patti, roulette, Ludo, Mines and blackjack, with deposits accepted through bank transfers, mobile wallets and cryptocurrency.

Investigators also noted that several platforms had remarkably similar website interfaces, with differences largely limited to their colour schemes and other design features. The FIA suspects that the similarities could point to common developers or operators.

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According to statements recorded in the FIR, V***r R***d allegedly introduced Zeeshan to a Chinese associate identified as Michael, described in the case documents as an international agent for online gaming and gambling platforms.

The proposed arrangement reportedly involved linking Pakistani corporate payment accounts with gambling websites so that deposits from local users could be collected in exchange for a commission.

FIR further alleges that a person named Hamza Sarwar developed dummy websites for the companies and tested their payment integrations, helping facilitate the opening of accounts under declared business activities that investigators suspect were fictitious or misleading.

FIA named eight individuals in the case. Z***n and H*** Sarwar have been reported arrested, while raids have continued to trace the remaining suspects, according to reporting published on October 10. The other individuals are I*** Ali, Muhammad A***, A*** Shan, A** S*n, Az***r I***, H***a Sa***r and V***r Ra***d.

The case invokes Sections 4, 5 and 23 of the Foreign Exchange Regulation Act, 1947, alongside Sections 420, 468 and 471 of the Pakistan Penal Code. These provisions concern alleged foreign-exchange violations, cheating and forgery-related offences.

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