ISLAMABAD – Pakistan’s digital payments industry comes under scrutiny as Federal Investigation Agency (FIA) uncovered alleged Rs120 billion online gambling and money-laundering network, triggering suspension of more than 100 payment aggregator accounts and raising serious questions about financial compliance across major banking platforms.
The investigation placed easypaisa, JazzCash and other payment processing companies in spotlight, with allegations of suspicious transactions, questionable merchant accounts and possible involvement of payment industry insiders.
Amid high profile probe, there are reports saying easypaisa Digital Bank dismissed 30 employees over suspected irregularities, a claim the company has categorically denied. The investigation originated from case registered around September 24, 2026, by FIA’s Faisalabad Composite Circle, exposing what investigators suspect was an elaborate financial network established to process payments connected to illegal online gambling operations.
11 single-member companies collectively recorded credit turnover of approximately Rs119.93 billion, equivalent to more than $433 million. Financial records also reportedly revealed debit turnover approaching Rs118.80 billion across certain accounts, indicating extensive movement of money through interconnected banking channels.
Several companies were established under the cover of legitimate e-commerce and digital marketing activities, allowing operators to access payment systems while allegedly concealing their actual business operations. Some entities reportedly created fictitious commercial websites to secure merchant accounts and test payment gateway integrations.
The companies were allegedly used to receive, distribute and redirect large volumes of money through digital wallets, commercial banks and other financial intermediaries. However, the recorded Rs119.93 billion represents transaction turnover rather than independently established gambling revenue or proven criminal proceeds.
One of the most striking discoveries involves five branchless banking collection accounts allegedly used to handle around Rs8.586 billion. These accounts reportedly processed approximately 10.49 million transactions, highlighting the scale and frequency of payments linked to the suspected network. FIA initially named eight suspects in the case, including Muhammad Zeeshan and Muhammad Hamza Sarwar, who were reportedly arrested.
Investigators identified connections to several online gaming and betting platforms, including U7777 Game, TD777, Game89, 89F Game, EPIWIN, B9 Game and S9 Game. Authorities suspect the operators relied on a sophisticated system of financial layering, moving funds repeatedly between accounts to make the original source and ultimate destination more difficult to establish.
The transactions allegedly involved mobile wallets, bank transfers, digital hawala and hundi arrangements, and potentially cryptocurrency channels such as USDT.
Financial trails reportedly passed through accounts linked to the Mobilink Microfinance Bank and JazzCash ecosystem before reaching commercial banks, including Faysal Bank and Dubai Islamic Bank.
Investigators are also examining transfers to businesses operating as mobile phone retailers and scrap dealers, which may have served as additional intermediaries before funds were moved onward.
FIA’s action has reportedly forced significant changes in payment processing arrangements, particularly at JazzCash. More than 100 aggregator accounts were reportedly suspended or closed following investigative notices and internal compliance checks.
JazzCash has also reportedly initiated an internal inquiry to examine the circumstances surrounding questionable merchant accounts and the effectiveness of existing monitoring procedures. A key area under scrutiny is whether account-opening safeguards and transaction checks were adequately enforced.
Investigators are now looking beyond the suspected gambling operators to determine whether individuals connected to financial institutions or payment service providers facilitated questionable transactions.
FIA probes Rs120 Billion Betting Network linked to Easypaisa, JazzCash Accounts
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