The Federal Investigation Agency (FIA) is investigating an alleged online betting network involving Easypaisa and JazzCash accounts. The inquiry focuses on financial transactions worth nearly Rs120 billion routed through multiple companies and bank accounts.
According to details cited in the case’s First Information Report (FIR), 11 Single Member Companies recorded combined credit turnover of Rs119.93 billion. Their accounts reportedly recorded outgoing transactions worth Rs118.80 billion.
Investigators suspect that companies registered for e-commerce, construction and digital marketing were used to collect and transfer money linked to online betting platforms. The funds allegedly moved through several financial accounts and suspected cryptocurrency settlement channels.
The FIA’s Faisalabad Composite Circle registered the case following an inquiry into the companies’ financial activities and payment arrangements. The agency is examining whether the transactions involved fabricated business details, suspicious transfers or possible assistance from payment-service personnel.
The allegations remain under investigation. Any individual or company named in the case should be considered innocent unless proven guilty in court.
Companies Recorded Nearly Rs120 Billion in Transactions
The FIR identifies 11 companies whose combined credit turnover reached Rs119.93 billion. Martnmarts SMC Pvt. Ltd. recorded the highest amount, with credits exceeding Rs33.65 billion.
Teamsmart SMC Pvt. Ltd. recorded approximately Rs21.68 billion. Housemart SMC Pvt. Ltd. processed around Rs13.17 billion, while New Heights Builders and Developers SMC Pvt. Ltd. recorded approximately Rs13.16 billion.
Other companies listed in the case include Rifamart SMC Pvt. Ltd., Martspay.com, Coastal Connections SMC Pvt. Ltd., Trendy Innovative Marketing SMC Pvt. Ltd., Martbox SMC Pvt. Ltd., Winnie Technologies SMC Pvt. Ltd. and Unleash Utopia Mall SMC Pvt. Ltd.
According to the FIR, the companies’ declared business activities appeared inconsistent with their financial transaction patterns. Investigators are examining whether these businesses were used to conceal the origin and destination of funds.
Branchless Banking Accounts Under Investigation
One major aspect of the inquiry involves five branchless banking collection accounts. These accounts allegedly received approximately Rs8.586 billion through 10.49 million transactions.
The FIR states that the deposited amounts appeared consistent with payments offered on suspected gambling platforms. Investigators are examining whether these accounts collected deposits from users before transferring the money elsewhere.
The agency also alleges that corporate accounts were opened through Easypaisa and JazzCash during 2024 and 2025. The accounts were reportedly registered under companies whose declared business purposes differed from their subsequent financial activities.
Investigators are also examining whether payment-service personnel helped open accounts or bypassed compliance procedures. Their alleged involvement has not been established.
Investigators Trace Multiple Banking Channels
According to the FIR, funds moved through several financial institutions before reaching other businesses and suspected informal settlement channels.
The report describes certain accounts maintained with Mobilink Microfinance Bank Limited as swap accounts. These accounts were reportedly located in Faisalabad, Sahiwal and Rawalpindi, with most situated in Sahiwal.
The money allegedly moved through disbursement accounts before reaching accounts maintained with Faysal Bank Limited and Dubai Islamic Bank Limited. Five account entries listed in the FIR recorded approximately Rs19.27 billion in credits and Rs19.11 billion in debits.
Investigators also identified transfers to businesses in Peshawar, Buner, Shahkas and other northern areas. These reportedly included scrap dealers, mobile-phone shops, cloth merchants, general suppliers and spare-parts dealers.
The FIA suspects that payments to businesses with unrelated commercial activities may have helped obscure the funds’ origins. The agency is examining the purpose and beneficiaries of these transactions.
Suspected Digital Hawala and USDT Transfers
The investigation also covers suspected digital hawala and hundi arrangements involving USDT cryptocurrency. According to the FIR, money allegedly passed through Pakistani payment accounts before being settled through unauthorised foreign-exchange channels.
The case documents reportedly identify 29 Currency Transaction Reports involving approximately Rs357.02 million linked to individuals under investigation.
The FIA is also examining several online gaming platforms, including U7777 Game, TD777 Game, 89F Game, EPIWIN, 1ee.com, 3rr.com, Z7.com, i8.fun, B9 Game and S9 Game.
The platforms allegedly offered real-money games such as Teen Patti, roulette, Ludo, Mines and blackjack. Deposits were reportedly accepted through bank transfers, mobile wallets and cryptocurrency.
Investigators noted similarities between several websites. The agency suspects these similarities could indicate shared developers or operators, although this remains unproven.
Arrests and Legal Proceedings
According to reporting published on October 10, the FIA named eight individuals in the case. Two suspects were reportedly arrested, while raids continued to locate others.
The FIR invokes Sections 4, 5 and 23 of the Foreign Exchange Regulation Act, 1947. It also cites Sections 420, 468 and 471 of the Pakistan Penal Code, concerning cheating and forgery-related offences.
The investigation remains focused on the movement of funds, the role of corporate accounts and possible violations of financial regulations. The FIA is expected to examine the responsibilities of individuals and any officials allegedly involved.
The case has raised questions about corporate wallet verification and the monitoring of suspicious payment activity. Its findings could also draw attention to safeguards within Pakistan’s digital payment system.
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Authorities have yet to establish the allegations through a final judicial determination. Further investigative findings and court proceedings will clarify the case’s outcome.
