Millions of dollars were lost in Pakistan’s most recent Ponzi scam after IDA, a trading platform, was shut down over night.
The most recent fraud was discovered after thousands of Pakistanis lost small quantities of money, all in the name of easy money. Previous Ponzi schemes have previously cost unwary consumers in Pakistan millions of dollars.
The IDA app used many YouTubers and digital content producers to gain people’s confidence while those YouTubers conned the already desperate masses into investing and making handsome profits in only two weeks.
Young people’s money is gathered for IDA by the promise of high profits, but eventually, like the other scams, it implodes, leaving disaster in its wake. The platform guaranteed users a profit once a month had passed.
It was discovered that investors were promised $5 for every $35 invested, leading a significant number of people to spend their hard-earned cash in a cryptocurrency trading programme. Tall promises that people may withdraw at any moment were used to entice people, but the reality was quite different, as only a small number of people were able to do so before the entire platform vanished into the night.
The group even hosts a number of gatherings and events around the nation where they try their best to attract new customers in an effort to deceive newcomers. As further details emerged, it was discovered that the IDA used to require members to bring other clients and require them to pay at least $125.
The programme ultimately went offline, leaving users in pain at a time when the majority of Pakistanis are having trouble paying for essentials like food and clothing. Its Whatsapp groups, internet platforms, and hotline lines were all disconnected.
A complaint has been made against him, and additional legal action is being taken, according to a YouTuber by the name of NTD Playz.