FIA registers fresh case against Armaghan over crypto fraud

The Federal Investigation Agency (FIA) has registered a new case against Armaghan, the main suspect in the murder of Mustafa Amir, accusing him of running an international hawala-hundi network, engaging in illegal cryptocurrency transactions, and orchestrating online financial scams.

According to a First Information Report (FIR) filed by the FIA’s anti-money laundering circle on behalf of the state, Armaghan and his father allegedly set up a company in the United States to operate a hawala-hundi business.

The agency claimed they generated around $400,000 in monthly revenue through unlawful transfers.

The FIR further stated that the suspect converted these earnings into cryptocurrency, which was then used to acquire luxury vehicles. He reportedly owns three expensive cars and has sold five others in the past.

Investigators also accused Armaghan of using employee accounts to hide financial movements and establishing an illegal call centre in 2018. This centre was allegedly used to defraud American citizens by obtaining their banking details over the phone. The FIA believes the funds were directly routed to Armaghan, who managed a team of 25 people, each allegedly targeting at least five victims daily.

Read: Mustafa Aamir case: Armaghan linked to global scam network, FIA reveals

On Wednesday, an anti-terrorism court in Karachi extended Armaghan’s remand in FIA custody by nine days to allow further investigation into the money laundering charges. Officials told the court they had yet to access his cryptocurrency wallets.

The FIA has booked him under Sections 3 and 4 of the Anti-Money Laundering Act, 2010 (Amended 2020). The court directed the agency to produce Armaghan again on April 24.