Tuesday, April 16, 2024

Pakistanis Lose Rs. 25 Billion in Massive Mobile App Fraud Scandal

JawaEye, an online investment app, which claimed to be based in Indonesia, has allegedly defrauded thousands of Pakistanis of their hard-earned money, with estimates suggesting a loss of up to Rs. 25 billion.

The app reportedly operated a Ponzi scheme that attracted unsuspecting users with the promise of high profits. The app was available on Google Play, but its primary operation was through its website, which attracted users to invest a minimum of Rs. 15,000 as a sign-up fee.

The Google Play version of the app was likely designed to build trust with customers, but its description was suspicious, claiming to be a popular film and television platform used in 106 countries, among other things.

A cached version of the Google Play page of the app revealed this. Numerous videos on YouTube, with millions of views in total, promoted the app as a legitimate earning opportunity. Moreover, several Facebook groups were created to lure people into signing up for the app.

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