FIA investigation identifies eight companies in the names of just three individuals, with combined credit turnover exceeding Rs105 billion; raids underway to arrest remaining suspects
ISLAMABAD (Zubair Kasuri): The Federal Investigation Agency (FIA) has arrested two suspects, identified as Muhammad Zeeshan and Muhammad Hamza Sarwar, in connection with an alleged online gambling and illegal financial transactions network involving 11 companies with aggregate credit turnover of nearly Rs120 billion.
Faryal Khan, Public Relations Officer (PRO) to the Director FIA Faisalabad, confirmed to The News that both suspects had been arrested. She said raids were underway to apprehend the remaining accused.
According to FIR No. 32/2026, Muhammad Zeeshan, one of the arrested suspects, was listed as the owner of three companies: Martnmarts SMC Pvt Ltd, Rifamart SMC Pvt Ltd and Martspay.com, which recorded combined credit turnover of approximately Rs47.78 billion.
The second arrested suspect, Muhammad Hamza Sarwar, is accused in the FIR of developing dummy websites for the companies and facilitating their testing as part of arrangements to obtain corporate payment accounts.
A detailed examination of the FIR by The News further reveals that eight companies were registered in the names of just three individuals, Muhammad Zeeshan, Imran Ali and Muhammad Amir, with aggregate credit turnover exceeding Rs105 billion.
Imran Ali was associated with three companies, Teamsmart SMC Pvt Ltd, Housemart SMC Pvt Ltd and Coastal Connections SMC Pvt Ltd, which recorded combined credit turnover of approximately Rs37.93 billion.
Muhammad Amir was listed as the owner of two companies, New Heights Builders and Developers SMC Pvt Ltd and Trendy Innovative Marketing SMC Pvt Ltd, with combined credit turnover of approximately Rs19.76 billion.
The remaining three companies identified in the investigation were Martbox SMC Pvt Ltd, Winnie Technologies SMC Pvt Ltd and Unleash Utopia Mall SMC Pvt Ltd, listed under Ali Shan, Azhar Iqbal and Abu Sufyan, respectively.
The FIA recorded aggregate credit turnover of Rs119.93 billion and debit turnover of Rs118.80 billion across the 11 companies. These figures represent the total volume of transactions recorded in the accounts and do not necessarily constitute the amount of money stolen or personally retained by the accused.
According to investigators, the companies were allegedly used to receive, route and transfer funds associated with online gambling activities under the guise of legitimate commercial businesses, including e-commerce, digital marketing and construction services.
The FIR identifies several online gambling platforms, including U7777 Game, TD777 Game, 89F Game, EPIWIN and other gaming websites. Investigators found that five branchless collection accounts received approximately Rs8.586 billion through around 10.49 million transactions.
The investigation further revealed that funds were allegedly transferred through multiple banking channels before being routed to other accounts and settled through unauthorised hawala/hundi and USDT cryptocurrency arrangements.
According to the FIR, Muhammad Zeeshan disclosed during the inquiry that Viqar Rashid Khan had introduced a proposal to establish a local payment arrangement for an alleged Chinese associate identified as Michael, described as an international agent associated with online gambling platforms.
The FIR also records allegations concerning a profit-sharing arrangement under which Zeeshan reportedly earned approximately Rs400 million to Rs450 million, while Viqar Rashid Khan allegedly received Rs100 million to Rs150 million over about one year. These claims remain subject to investigation and judicial determination.
Speaking to The News, the Director General of the Federal Investigation Agency said that a committee comprising FIA officers had been constituted to conduct a comprehensive investigation into the matter. He said the committee was examining the case from every possible angle to determine the full extent of the alleged financial network and identify those involved.
The DG FIA further stated that every possible effort was being made to arrest the remaining suspects and bring those responsible to justice.
The FIA has registered the case against eight named individuals under Sections 4, 5 and 23 of the Foreign Exchange Regulation Act, 1947, read with Sections 420, 468 and 471 of the Pakistan Penal Code.
Further investigations are underway to trace the ultimate beneficiaries of the funds, establish the roles of other individuals and determine how multiple companies were allegedly used to operate such a large financial network.
