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Key suspect in Rs3 billion online currency fraud case arrested

08:50 PM | 21 Dec, 2018
Key suspect in Rs3 billion online currency fraud case arrested
KARACHI - The Federal Investigation Agency (FIA) on Friday apprehended a principal accused in an online currency fraud involving billions of rupees from Karachi.

The suspect, Ghulam Sarwar, was nabbed from Gulshan-i-Iqbal hours before he was set to leave the country for Saudi Arabia today’s evening.

Sarwar, according to the FIA officials, has committed ‘online electronic currency fraud’ amounting to Rs3 billion by looting around 17,000 people in the country.

A case has been registered against the suspect under the Pakistan Electronic Crimes Act-2016 and Sections 420, 109 and 34 of the Pakistan Penal Code.

The accused and other accomplices ran a fake website called ‘Channel Times’ showing an address of Italy. They urged people to invest money online and offered lucrative returns.

FIA’s Additional Director Cybercrime Circle Mohammed Younis explained that Sarwar and his partners had opened several binary accounts for the collection of money from people, with a promise that the customers would be provided a handsome profit at the rate of 1.5 per cent in US dollars in electronic currency (E-currency) on a daily basis, Dawn News reported.

During the investigation, it emerged that the suspects were also involved in the buying and selling of illegal digital currencies including Perfect Money, One Life and One Coin.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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