{"id":25449,"date":"2023-11-17T08:58:07","date_gmt":"2023-11-17T08:58:07","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/ponzi-earning-app-lam-disappears-the-express-tribune\/"},"modified":"2023-11-17T08:58:07","modified_gmt":"2023-11-17T08:58:07","slug":"ponzi-earning-app-lam-disappears-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/ponzi-earning-app-lam-disappears-the-express-tribune\/","title":{"rendered":"Ponzi earning app \u2018LAM\u2019 disappears | The Express Tribune"},"content":{"rendered":"
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\nRAWALPINDI:
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In a classic case of online scam, a popular online earning mobile app, known as Lam, has disappeared, depriving the residents of twin cities of millions of rupees.<\/span><\/p>\n

Promising high returns to potential investors and offering unusually high returns on their investments in a short span of time, the app initially garnered the trust of investors before depriving them of their life\u2019s savings.<\/span><\/p>\n

According to sources, the mobile app, abruptly shut down, leaving numerous victims who subsequently contacted the FIA Cybercrime Cell.<\/span><\/p>\n

Reports circulating about the app’s admin fleeing to Dubai have also raised concerns among the victims, many of whom were lured by the prospect of earning easy profits from the comfort of their homes.<\/span><\/p>\n

Read\u00a0<\/span><\/strong>Digital frauds cause long probes<\/a><\/p>\n

Shamim Begum, a housewife and victim of the app, shared her experience, revealing that she had invested Rs4,000 in the mobile app after being persuaded by a woman. On the first day, she received a profit of Rs200, and enticed by promises of more significant returns, she convinced 10 more women in her neighbourhood to invest.<\/span><\/p>\n

However, a week later, the app closed, and the admin disappeared with both the invested money and profits.<\/span><\/p>\n

Another victim, Muhammad Junaid, disclosed that he had invested Rs0.3 million in the app and referred over 200 friends, resulting in significant losses for all involved. He called for government intervention against the app’s admin, emphasising the fraudulent operations that lured citizens with high-profit promises.<\/span><\/p>\n

Mehmood Butt, another victim, highlighted the app’s deceptive investment packages and unfulfilled promises of returns, with the app shutting down before meeting its commitments.<\/span><\/p>\n

Also read<\/strong>\u00a0<\/span>Poor policing : Cyber crime in Punjab increased manifold in past quinquennial<\/a><\/p>\n

Money generated through the app was withdrawn via various mobile cash points.<\/span><\/p>\n

FIA officials have initiated an investigation into the online earning app fraud, receiving numerous applications from citizens who fell victim to the scam. The Cyber Crime Wing is collecting crucial evidence, revealing that the app operated fraudulently under a referral programme, deceiving citizens into thinking they were making legitimate profits.<\/span><\/p>\n

The preliminary investigation indicates that the app’s admin fled the country, though confirmation is pending.<\/span><\/p>\n

Meanwhile, citizens have been urged to exercise caution in online transactions, given the prevalence of fraudulent schemes targeting unsuspecting individuals.<\/span><\/p>\n

\u00a0<\/p>\n

Published in The Express Tribune, November 16th<\/sup>, 2023.<\/span><\/em><\/p>\n<\/div>\n