On Thursday, a Karachi court issued a non-bailable arrest warrant for Waqar Zaka in connection to a cryptocurrency-related scam. In the beginning of this year, the Federal Investigation Agency (FIA) started inquiry against Zaka’s involvement in cryptocurrency-related transactions from his personal bank account.
Zaka was even asked to appear in the court by the judicial magistrate. However, he failed to appear in the court. Later on, the judge issued his non-bailable arrest warrant in this case.
Judicial Magistrate Mukesh Kumar is hearing the case of Waqas Zaka. Kumar is also spearheading a campaign requesting cryptocurrencies to be declared legal in Pakistan.
The FIA has reported that in the last three years, Zaka performed transactions of more than Rs 173Million from his bank account. Out of these Rs 173Million, 86.1Million are credit and Rs. 87.1Million are debit transactions.
The FIA has also revealed that Zaka used social media to gather charity amount and international funding equaling 6.8Millipm.
“The multiple news, blogs, and videos were found on a public database which transpires involvement of accused Waqar Zaka into cryptocurrency/virtual assets. During the inquiry, Bitcoin/cryptocurrency-related posts were found on his Twitter account, the accused also promotes cryptocurrency like Bitcoin through YouTube channels.”
It is therefore concluded from all the proof and evidence that Zaka was allegedly involved in illegal activities that are punishable under the Pakistan Electronic Crimes Act 2016.
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Waqar Zaka was allegedly found guilty of committing offenses punishable under the Pakistan Electronic Crimes Act, 2016, Pakistan Penal Code, Anti-Money Laundering Act 2020 and Foreign Exchange Regulation Act 1947, FIA added.