Karachi: A court has rejected the bail pleas of ten accused in a case involving an alleged Ponzi scheme and online fraud. The accused include foreign nationals, among them Chinese citizens.
The decision was announced by Judge Gulraiz Memon after hearing arguments from both sides. The court observed that the nature of the allegations is serious and the investigation is still at an initial stage.
According to the court, the accused acted in collusion to defraud the public by operating fake investment schemes through social media platforms. Victims were lured by promises of unrealistic profits.
The court further noted that the suspects were running a fully operational call center and that sufficient evidence is available on record. Granting bail at this stage was deemed inappropriate.
It is pertinent to mention that Interior Minister Zia-ul-Hassan Lanjar had also held a press conference regarding the arrests in the said case.
