Asmarazeenat

Waqar Zaka Crypto Scam Case — Full Breakdown

Allegations & Legal Action

1. Origins of the Investigation

In August 2020, the Financial Monitoring Unit (FMU) lodged a source report regarding suspicious activity in Waqar Zaka’s bank accounts, prompting an inquiry by the FIA’s Cybercrime Wing .

2. Financial Irregularities Revealed

Over a span of three years, transactions totaling approximately Rs 173 million were recorded in his accounts—Rs 86.1 million credited and Rs 87.1 million debited. Many transactions came through foreign remittances and cheque clearings and were often transferred to family members' accounts .

Zaka raised Rs 6.8 million via international crowdfunding and charity-like channels, later withdrawn through pay orders and interbank transfers .

3. Promotion of Dubious Crypto Schemes

The FIA claims Zaka promoted speculative cryptocurrency schemes, including an alleged fictitious coin named “Tenup,” and offered paid online courses (e.g. ICO/cryptocurrency) via social media, urging investments—despite SBP warnings that virtual assets are not recognized as legal tender .

4. Charges Filed

He faces accusations under several laws:

PECA (Unauthorized use of electronic identity, etc.)

Pakistan Penal Code (criminal breach of trust, cheating, forgery, using forged documents)

Foreign Exchange Regulation Act

Anti-Money Laundering Act (AMLA) (investigation ongoing) .

5. Court’s Response & Legal Escalation

Non-bailable arrest warrant issued on December 22, 2022, when Zaka failed to appear in court .

Magistrate reissued the warrant in early 2023; his lawyer cited Zaka’s absence due to professional commitments abroad .

By February 2023, the court declared him an absconder and initiated procedures for proclamation and asset attachment .

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Waqar Zaka’s Defense

Legality of Income
Zaka insists that all funds were remitted through legal channels and declared with the Federal Board of Revenue (FBR). He claims the FIA mischaracterized legitimate earnings as illicit .
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