Court issues non-bailable arrest warrant for Waqar Zaka in cryptocurrency scam:
Court issues non-bailable arrest warrant for Waqar Zaka in cryptocurrency scam:
Waqar Zaka, a former TV host and social media influencer, is on the run after a non-bailable arrest warrant was issued for him in connection with an Rs86 million cryptocurrency scam.
The Federal Investigation Agency (FIA) opened an investigation into alleged virtual currency-related transactions from Zaka’s bank account after receiving a report from the Financial Monitoring Unit (FMU).
According to the FIA, Zaka’s bank account had total credits of Rs. 86.1 million and debts of Rs. 87.1 million over the last three years.
The funds were credited via international transfers and check to clear, and then debited via internal transfers to his family members’ accounts.
Furthermore, the FIA claims that Zaka raised Rs6.8 million through international crowdfunding on social media and used it to withdraw funds via pay orders and interbank fund transfers.
Zaka is accused of breaking the Pakistan Electronic Crimes Act of 2016, the Pakistan Penal Code, the Anti-Money Laundering Act of 2020, and the Foreign Exchange Regulation Act of 1947, as well as promoting cryptocurrencies such as Bitcoin on his social media accounts.
He has been charged with false propaganda against state institutions in addition to posting offensive content and making threats against public officials.
He is also accused of inciting the populace to rebel against the government.
Zaka is believed to be evading arrest after failing to appear in court on Thursday when the case was heard.
Zaka’s hearing has been rescheduled for January 5, and the office has been ordered to issue a non-bailable arrest warrant.
It is unknown whether he will surrender or where he is at this time.
