Citizens lose millions in another Ponzi scheme
Crime
Online app named IDA lured citizens to double their investment within few days
LAHORE (Web Desk) – Several citizens have been robbed of their money in an online app scam (Ponzi scam) in Mandi Bahauddin.
According to the sources, an online app named IDA lured citizens to double their investment within few days, upon which citizens invested millions in the scheme and eventually the app stopped functioning in Pakistan.
According to a victim, their group invested more than Rs18 million in the scheme and that each individual's investment was almost half a million or more. On average the victims invested $10,000-12,000per person in hope of getting their investment doubled.
The agencies have repeatedly warned the citizens not to rely on such schemes that lure innocent citizens. However, such online scams are getting more frequent in Pakistan.
