PAKISTAN – A digital investment application, “Treasure NFT,” has triggered a nationwide financial crisis, leaving thousands of Pakistani citizens across the country in a state of despair after its seemingly lucrative Eid-ul-Fitr scheme collapsed. What was initially presented as a golden opportunity for rapid wealth has now morphed into a devastating financial disaster, impacting families and individuals from all corners of Pakistan.
The app, aggressively promoted as a gateway to instant riches, enticed unsuspecting investors with promises of doubling their initial $100 investment, framed as a festive “Eid gift.” Adding to the allure was the claim of a daily 2% profit, prompting a surge in participation as users eagerly recruited friends and family, spreading the scheme like wildfire throughout the country. While the initial reporting highlighted the concentration of losses in Chunian, it has now become clear that the damage is far more widespread.
“This wasn’t just a local issue; people from Karachi to Peshawar, Lahore to Quetta, and everywhere in between, invested,” a distraught victim from Lahore explained. “We were all blinded by the promises of quick returns, and now, we’ve lost everything.”
The reality, however, proved far from the promised prosperity. As withdrawal requests began to mount, the app’s operators initiated delays, ultimately vanishing altogether, leaving investors stranded and penniless. Reports indicate that hundreds of millions of Pakistani rupees, if not billions, were funneled into the app from across the nation, with losses extending even beyond Pakistan’s borders.
Investigations have revealed a glaring lack of legal registration and regulatory oversight for “Treasure NFT” within Pakistan, raising serious questions about the app’s legitimacy from its inception. Financial analysts have labeled the scheme a classic Ponzi operation, where early investors are paid with funds from new recruits, creating a false illusion of profitability until the system inevitably collapses.
Despite repeated warnings from the Securities and Exchange Commission of Pakistan (SECP) regarding such fraudulent investment schemes, a vast number of Pakistanis fell victim to the app’s persuasive marketing and the promise of easy money. The incident has ignited widespread anger and calls for immediate action against the perpetrators.
“We demand justice for all Pakistanis who have been robbed,” a victim from Karachi passionately declared. “These individuals have shattered lives across the nation. The government must intervene immediately and hold them accountable.”
This incident serves as a stark reminder of the inherent risks associated with unregulated online investment platforms and the critical importance of conducting thorough due diligence before entrusting hard-earned money to seemingly lucrative opportunities. Authorities have launched a nationwide investigation into the matter, but for thousands of Pakistani citizens, the financial devastation is already a harsh reality.
