A court in Karachi on Thursday ordered Waqar Zaka’s arrest without bail. Earlier this year, the Federal Investigation Agency (FIA) had registered Zaka in connection with an investigation into alleged transactions relating to virtual currencies from his bank account.
The former TV presenter did not appear in court when the matter was raised by the magistrate. The judge ordered the office to issue a non-bailable arrest warrant for Zeka – who reportedly fled to avoid arrest in the case.
The case was brought by Chief Justice (East) Mukesh Kumar on Thursday against Zaka, who is leading a campaign to have virtual currencies declared legal tender in Pakistan.
The judge instructed the FIA prosecutor to file a report on the implementation of the order at a later date and adjourned the hearing until 5 January 2023. Cybercrime Ring, which stated that it launched an investigation against Zeka after receiving a report from the FIA Financial Monitoring Unit (FMU) in August 2020.
He said that the records collected by the FIA from the relevant banks show that over the past three years, more than 173 million rupees in transactions have been observed in their bank accounts, with a total credit of 86.1 million rupees and a debit of Rs. 87.1 million rupees.
He added: In the statement of these accounts, it was found that the resources are deposited in these accounts through remittances abroad (interbank money transfer) and settlement of checks, which are later deposited in the accounts of their family members through internal transfers.
The FIA said Zaka used social media for charitable purposes and international funding and received 6.8 million rupees, which was withdrawn through money orders and interbank transfers.
“Various news stories, blogs and videos were found on a public database showing that Waqar Zaka is accused of crypto/virtual assets. During the investigation, Bitcoin/cryptocurrency related posts were found on his Twitter account, the accused also promotes digital currencies like Bitcoin through YouTube channels.
The State Bank of Pakistan (SBP) does not recognize virtual assets as legal tender for storing and transferring value, the agency said, adding that the central bank also issued a warning about the risk of trading digital currencies and warned the public against dealing with any currency type is prohibited. such coins
He said: Upon examination of this report, the documents provided, such as transcripts of records and banking institutions and oral evidence, proved that the accused committed the crime of fraudulent and dishonest trading, contrary to banking laws and regulations and established laws in the country. Virtual Assets and facilitating the use of virtual assets to transfer funds and generate funds.
The FIA stated that following the investigation and subpoena of the accused, he had falsely advertised against government institutions and engaged in illegal activities through social media platforms such as Facebook and Twitter, posting objectionable content against the institutions. Threatening government officials and inciting people against the government.
This department stated: After review of the report, secured documents such as transcripts of records and banking institutions, and oral evidence, it has been established that the accused – contrary to banking laws and regulations and the laws of the country – committed fraud and dishonesty . he committed the crimes of trading virtual assets/digital currency and facilitating the use of virtual assets to transfer funds and generate profits.
He added: After the investigation and subpoena of the accused, he made false propaganda against government institutions and through social media, posting questionable content/statements against the institutions, threatening government officials with illegal activities. and incite the people against the government.
Waqar Zaka is accused of committing crimes punishable by Pakistan’s Electronic Crimes Act 2016, Pakistan Penal Code, Anti-Money Laundering Act 2020 and Currency Regulation Act 1947, the FIA added.