ISLAMABAD – Corporate wallet transactions linked to JazzCash and Easypaisa, alongside 11 companies, have come under investigation as probe is underway to track down massive suspicious amounts.
Eleven companies processed nearly Rs120 billion as investigators probe suspected gambling payments, a complex web of bank transfers and possible links to unauthorised foreign-exchange channels. Federal Investigation Agency (FIA) investigation uncovered an alleged financial network involving billions of rupees, corporate accounts and online betting platforms.
11 Single Member Companies collectively recorded credit turnover of Rs119.93 billion, while Rs118.80 billion flowed out of their accounts. Investigators suspect that some of the transactions were connected to online gambling operations and may have passed through multiple financial intermediaries before reaching other businesses or suspected informal settlement channels.
EXPLAINER
The case, being investigated by the FIA’s Faisalabad Composite Circle, has brought corporate-wallet verification, banking oversight and the monitoring of digital transactions into sharp focus.
At the heart of the investigation is a troubling question: were accounts registered for apparently legitimate commercial activities used to process payments associated with online betting?
The allegations remain under investigation, and the reported transaction volumes do not establish that the entire amount originated from gambling or represented illegal proceeds.
Which Companies transferred Billions?
Martnmarts SMC Pvt. Ltd. recorded the largest credit turnover, at approximately Rs33.65 billion. Teamsmart SMC Pvt. Ltd. followed with Rs21.68 billion, while Housemart SMC Pvt. Ltd. and New Heights Builders and Developers SMC Pvt. Ltd. recorded around Rs13.17 billion and Rs13.16 billion, respectively.
Other companies identified in the reported records 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.
Together, the 11 entities account for around Rs120 billion in credit turnover.
Investigators are examining whether the companies’ declared business activities matched the transactions processed through their accounts. Businesses presented as e-commerce ventures, construction firms and marketing companies allegedly handled payment flows that raised suspicions of links to online gaming operations.
Wallet Accounts under Spotlight
One of the key leads concerns five branchless-banking collection accounts that reportedly received approximately Rs8.586 billion through around 10.49 million transactions.
According to the reported FIR details, investigators found patterns in the deposits that they considered consistent with payments associated with online gambling platforms. FIA is examining whether these accounts served as collection points for payments made by Pakistani users before the funds were transferred into corporate and banking accounts.
The alleged movement of money did not stop at the initial collection stage. According to the reported investigation, funds passed through accounts maintained with Mobilink Microfinance Bank Limited (MMBL), including accounts described in the FIR as swap accounts. The money was allegedly transferred onward to disbursement accounts before reaching other banking channels, including accounts associated with Faysal Bank Limited and Dubai Islamic Bank Limited.
The reported trail also includes payments to businesses in Peshawar, Buner, Shahkas and other northern areas. These recipients reportedly included scrap dealers, mobile-phone shops, cloth merchants, general suppliers, food-grain commission agents and spare-parts businesses.
Investigators suspect that some of these transactions were inconsistent with the commercial activities declared by the companies sending the funds.
The challenge now is to establish whether the transfers represented legitimate commercial payments, part of a coordinated settlement arrangement or an attempt to conceal the origin and destination of money.
Easypaisa and JazzCash Accounts
The investigation has placed corporate mobile-wallet services under scrutiny, particularly over how business accounts were opened and monitored.
Some corporate accounts were established through Easypaisa and JazzCash during 2024 and 2025. Investigators allege that the declared business purposes of certain companies did not match their subsequent payment activity.
FIR reportedly raises questions about whether individuals associated with payment services helped facilitate account openings or bypassed compliance requirements. The case does not, by itself, establish wrongdoing by Easypaisa, JazzCash or the banks whose accounts appear in the reported financial trail.
Online Gaming Platforms
FIR mentions several online gaming websites being examined by investigators, 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. Users were reportedly able to make deposits through bank transfers, mobile wallets and cryptocurrency.
Investigators also reportedly noticed similarities in the websites’ layouts and interfaces, raising suspicions that some may have shared developers, operators or underlying technology.
The FIA is reportedly examining whether local corporate accounts were linked to these platforms to collect deposits from Pakistani users in exchange for commissions.
The investigation extends beyond local banking transactions to suspected digital hawala/hundi arrangements and possible USDT settlements. According to the reported FIR, money allegedly moved through Pakistani payment and banking accounts before being converted or settled through unauthorised foreign-exchange channels.
Investigators reportedly identified 29 Currency Transaction Reports involving approximately Rs357.02 million associated with individuals under investigation. Around Rs321.97 million was reportedly attributed to one individual, although these exact figures could not be independently confirmed from the accessible reporting reviewed.
The existence of currency-transaction reports does not itself prove illegal activity. Nor does the mention of USDT establish that all the money was converted into cryptocurrency or transferred outside Pakistan.
The case contains allegations of contacts between individuals in Pakistan and an overseas associate connected, according to the reported FIR, with international online gaming operations.
The reporting states that a person identified as Viqar Rashid Khan allegedly introduced Muhammad Zeeshan to a Chinese associate named Michael. The proposed arrangement reportedly involved connecting Pakistani corporate payment accounts to gambling platforms. Another individual, identified as Hamza Sarwar, was allegedly involved in developing dummy websites for companies and testing payment integrations.
Investigators suspect that such websites and integrations may have been used to support corporate account applications under business descriptions that did not accurately reflect the intended payment activity.
These claims remain allegations. The investigation must establish whether the websites were fictitious or misleading, who controlled them and whether the individuals concerned knowingly participated in any unlawful arrangement.
FIA registered the case after examining the companies’ corporate structures, financial transactions and payment channels. Two suspects had been arrested, while raids were continuing to locate others.
Over 100 JazzCash Accounts Shut Down as FIA targets Gambling, Digital Hundi-Hawala Network