A Karachi court on Thursday issued a warrant for the arrest without bail for television and social media personality Waqar Zaka in a case involving a Rs 86 crore cryptocurrency scam.
Earlier this year, the Federal Investigation Agency (FIA) booked Zaka in connection with an investigation into alleged virtual currency-related transactions from his bank account.
On Thursday, when the judicial magistrate addressed the matter, the former television host did not appear in court.
The judge later ordered the office to issue an arrest without bail for Zaka, who allegedly went on the run to avoid arrest in the case, adjourning the hearing until January 5.
The FIA โโhas said an investigation was launched against Zaka upon receipt of a source report initiated by the Financial Supervisory Unit (FMU).
He stated that aggregate credits of Rs86.1 million and debt of Rs87.1 million were observed in his bank account over the past three years, adding that the bank statement revealed that funds were being credited to the accounts through remittances and foreign compensation. of checks, which were later debited by internal transfer to the accounts of his different family members.
He went on to say that Zaka used social media for charity and international crowdfunding, through which he received Rs 6.8 crore. The FIA โโadded that the money was withdrawn via a money order and an interbank funds transfer.
โWhile multiple news stories, blogs and videos were found in a public database revealing defendant Waqar Zaka's involvement in cryptocurrency/virtual assets,โ the agency alleged.
โDuring the investigation, Bitcoin/cryptocurrency-related posts were found on his Twitter account, the defendant also promotes cryptocurrencies such as Bitcoin,โ it further alleged.
The agency held that after examining the report, secured documents such as copies of bank records and institutions, and oral evidence, it had been found that the defendant, in violation of banking rules and regulations and the prescribed laws of the country, fraudulently and dishonestly committed the crimes of trading virtual assets/cryptocurrencies and facilitated the use of virtual assets to transfer funds and generate profits.
It added that after the investigation and summons of the defendant began, he began false propaganda against State institutions and was found involved in illegal activities through social networks by posting objectionable material/observations against the institutions, threats to government officials and provoking the public against the state.
He was allegedly found guilty of committing the offenses punishable under Pakistan's Electronic Crimes Act 2016, Pakistan Penal Code, Anti-Money Laundering Act 2020 and the Currency Regulation Act 1947, the FIA โโadded. .
