An online investment company has defrauded more than 100,000 KP residents of Rs. 5.6 billion. According to details provided by Arab News, PaySlash, the company in question, had set up an office in Deans Trade Center in Peshawar this year in January. The company later started operating with a different name and changed its name to PSlash.

The company raised significant funds by duping unsuspecting real estate and digital and foreign currency investors on the pretext of returning profits up to 13%.

Nonetheless, on 20 November, the corporate’s web site went offline and a notification studying “system is hacked” appeared as an alternative.

Victims of the rip-off, lots of whom have misplaced their complete life financial savings, have mentioned they’re unable to contact the corporate’s representatives since 20 November.

They claimed the corporate had modified its identity thrice from Earn Bitcoin to Payslash and eventually to PaySlash. They mentioned the brokers and managerial workers of the corporate at all times assured them that the corporate was registered with SECP.

A lawyer representing one of many victims has mentioned that the primary criticism towards PaySlash for suspicious actions was lodged in FIA on 24 August whereas the second criticism was registered with PTA on 16 September.

Nonetheless, FIA and PTA did not take a well-timed motion towards PaySlash which resulted in 100,000 people shedding their hard-earned cash, the lawyer added.

“If the involved departments had taken motion accordingly, this billions of rupee rip-off wouldn’t have occurred in Peshawar,” he argued. “Now the federal government ought to examine this difficulty and punish the involved officers … due to their negligence 1000’s of individuals misplaced cash.”

A senior official in FIA Peshawar has acknowledged that the rip-off is price Rs. 5.6 billion however declined to elucidate the rationale behind the company’s failure to take motion regardless of receiving proper criticism a couple of months in the past.

Equally, a PTA spokesperson additionally admitted that the regulator had obtained a criticism towards the corporate in September.

Source: Arab News

Read more: PTA issues notices over sacrilegious content to Google and Wikipedia


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