Pakistan's Federal Investigation Agency (FIA) has traced nearly PKR690m in suspicious banking transactions as part of an investigation into an alleged PKR120bn online gambling and illegal money transfer network.
The investigation, registered with FIA Composite Circle Faisalabad, has identified several accounts suspected of facilitating gambling-related payments and unauthorized international settlements.
Two major recipient accounts recorded transactions of approximately PKR490m and PKR150m, despite investigators finding no established legitimate business relationships with the principal suspects.
Authorities have issued notices to account holders, primarily based in Khyber Pakhtunkhwa, although several have yet to appear for questioning.
Investigators are also examining four transactions totaling PKR49.17m involving a Faisalabad-linked company and have requested restrictions on debit transactions from its bank account.
A central focus is whether gambling proceeds collected through corporate accounts and digital payment services were transferred to Chinese beneficiaries through informal hawala/hundi networks.
However, the FIA has not conclusively established the full overseas transaction trail.
The investigation also uncovered several single-member companies allegedly established to obtain corporate branchless banking accounts and circumvent individual deposit limits.
Corporate records and banking documents revealed discrepancies between the companies' declared business activities and their transaction patterns.
Statements from several depositors confirmed that payments into collection accounts were intended for online gambling activities.
The FIA has also traced approximately PKR35m transferred between accounts associated with two principal suspects, Muhammad Zeeshan and Waqar Rashid Khan.
Earlier findings identified aggregate credits of PKR119.93bn and debits of PKR118.80bn across 11 companies, although these figures represent transaction volumes rather than confirmed criminal proceeds.
Zeeshan and another suspect, Muhammad Hamza Sarwar, were previously arrested in connection with the case.
The FIA continues examining financial records, potential facilitators and overseas beneficiaries, with further enforcement action expected as additional evidence emerges.
The original investigation identified approximately 10.49 million transactions across five branchless banking accounts
