Structuring of Funds
A set of accounts were reported to FMU wherein the individuals were connected by way of employment in a company ‘B’. Company ‘B’ enticed people by offering attractive profits as a return on their investment in their company besides offering jobs to the unemployed. In response, hundreds of people invested their savings with this company or applied for jobs in the company by depositing application fees in their bank account. However, the company was a fraudulent entity and it deprived people of their hard-earned money. Around 525 individuals filed applications against the company for depriving them of their hard-earned money. It was suspected that the scam involved funds over PKR1.88 billion.
During analysis, it was noted that that large amounts of funds were credited in company’s account through online transfers or deposits in cash by different individuals. The accumulated funds flowed from the company’s account in a structured manner through online cash/ATM transfers to the personal accounts of individuals who were either employees of the company or were involved in other businesses. The funds were then taken out from the personal accounts through online cash withdrawal. The matter was referred to LEA for investigation.