A local court has issued a non bailable arrest warrant for Waqar Zaka
A television host and social media activist in a case related to suspicious cryptocurrency transactions worth Rs.173 million.News reported on Friday.
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| Waqar Zaka photo from YouTube |
Report Sources: FIA Official site.
Report write Talha habib karachi.
Earlier this year in January. Zaka was booked by the Federal Investigation Agency. FIA cybercrime circle for allegedly maintaining two accounts for trading cryptocurrencies virtual assets.
The case was taken up on Thursday by Judicial Magistrate East Mukesh Kumar against waqar .who is spearheading the campaign for virtual currencies to be declared legal tender in Pakistan.
The magistrate adjourned the hearing till 5 January 2023. directing the FIA prosecutor to submit a report on the execution of the warrant on a future date.
Cause:
The case was registered by FIA cybercrime circle assistant director Shehriyar Ahmad Khan on the state complaint. which said that on receipt of a source report by the Financial Monitoring Unit FMU in August 2020. An inquiry was initiated against Zaka.
He also said that the records collected by the FIA from the concerned banks revealed that during the last three years transactions of more than 173 million rupees were seen in their bank accounts out of which 86.1 million rupees were collected. Includes credit and debt of Rs 87.1 million.
The statement of accounts revealed that funds were being deposited in these accounts through foreign remittances interbank fund transfers & clearing of cheques. Which were later debited through internal transfers to the accounts of their family members. were
The FIA Federal Investigation Agancy said waqar Zaka used social media for charitable purposes and international funding. Receiving Rs 6.8 million. Which was withdrawn through pay orders and inter bank fund transfers.
It claimed that numerous news articles. blogs and videos were found on a public database revealing the involvement of accused Waqar Zaka in cryptocurrency virtual assets. During enquiry posts related to Bitcoin cryptocurrency were found on his Twitter account. Which the accused also promotes. Like Bitcoin through cryptocurrency YouTube channels.
State Bank of Pakistan SBP has not recognized virtual assets as legal tender for storing and transferring value. The agency also said : Adding that the central bank has warned against the risk of trading in cryptocurrencies. A caution was also issued & the public was prohibited from trading in any such currency.
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It also said that after examination of the report. Secured documents like bank records and transcripts of institutions & oral evidence proved that the accused committed fraud in violation of banking rules & regulations and the prescribed law of the country. &dishonestly committed this crime. Facilitate the trading of virtual assets & the transfer of funds & the use of virtual assets to generate funds.
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The Federal Investigation Agancy FIA held that after the inquiry was initiated & the accused was summoned. He started spreading false propaganda against the state institutions & illegally posted. Objectionable content against the institutions through social media platforms like Facebook & Twitter. He was found involved in activities. threatening government officials & inciting people against the state.
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