[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Thousands of Pakistanis have lost their hard-earned money thanks to the so-called online “investment app,” JawaEye; some estimates put the total loss at Rs. 25 billion.
Unaware users were tricked into participating in the app’s Ponzi scam by the false company that claimed to be situated in Indonesia.
Thousands of users from all around Pakistan were using the app, which has since been withdrawn from Google Play. Each client made a minimum investment of Rs. 15,000, known as the sign-up fee.
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However, rather than using the Google Play version, the app was primarily used through a website. The Google Play presence probably served only to increase users’ confidence in the app.
The app had a dubious description that read, “used in 106 countries and regions around the world, supports multi-language subtitle service, global long and short film series, is currently the most user-friendly and popular film and television platform on the market, and the film industry is fully invested.”
A quick search on YouTube indicates that the software is being advertised in hundreds of videos with millions of total views as a reliable source of income. Similar to this, there are numerous Facebook groups that entice users to join.
Users of the app had to pay $50 (about Rs. 14,000 at the current currency rate) to sign up, and once they had, they could begin making money using the app. This is how a classic Ponzi scheme operates. Like many Ponzi scams, the earnings were so meagre that it took people months to break even, and during that time, they were given a greater ‘profit’ to entice additional people to sign up.
The programme offers high profits after an only $50 investment, according to a video posted in April on YouTube. In the video, the Youtuber plays a voicenote that states that people have allegedly made hundreds of dollars with the programme. Evidently, both putting money into the app and making withdrawals required a Binance account.
The app recently announced that it was making various policy adjustments and that profit would be delayed for a while. Customers were made aware of this development, but it was already too late. The app became less responsive after declaring a change in policies as alarmed users searched for information.
Recent Google reviews on the app also describe how users gradually realised they were victims of fraud in recent days, with the majority of users cautioning others against using the app.
A notification that may be found on the app’s login page makes the patently false assertion that Jawa Eye and the New York Stock Exchange have come to an agreement on a “listing plan.”
Recently, the FIA Faisalabad also filed a FIR against certain people engaged in this activity in District Sahiwal. Criminal organisations are allegedly trading illegally in foreign currencies in Sahiwal, according to the FIR. They also made remittances through Hawala or Hundi using unlicensed local agents in various places, as well as having a number of investment-related apps installed on their phones.
It is significant to note that unless it is registered with the appropriate departments, an unlicensed app cannot offer financial services.
The State Bank of Pakistan (SBP) or the Securities and Exchange Commission of Pakistan (SECP) have both demanded that only apps that have been registered with them be made available on the Play Store.[/vc_column_text][/vc_column][/vc_row]
