Waqar Zaka in Scorching Waters after Suspicious Crypto Actions –

Waqar Zaka, a social media activist and cryptocurrency dealer, is claimed to be on the run after a municipal court docket in Karachi issued a non-bailable arrest warrant in reference to suspected Rs. 173 million cryptocurrency-related operations.

The Federal Investigation Company’s (FIA) cybercrime circle had charged Zaka earlier this yr in January for allegedly conserving two accounts for the buying and selling of cryptocurrencies/digital belongings.

On Thursday, Judicial Justice of the Peace (East) Mukesh Kumar heard the case in opposition to Zaka, who’s driving a drive to get digital currencies declared authorized money in Pakistan.

The Justice of the Peace ordered the FIA prosecutor to present a report on the warrant’s execution on the next event, and delayed the listening to till January 5, 2023.

“Through the investigation, Bitcoin/cryptocurrencies-related tweets have been found on his Twitter account, and the accused additionally promotes cryptocurrency equivalent to Bitcoin,” it added.

The company maintained that after reviewing the report, secured paperwork equivalent to copies of financial institution data and establishments, and oral proof, it had been substantiated that the accused had fraudulently and dishonestly dedicated the offences of digital asset/cryptocurrency buying and selling and facilitating using digital belongings for transferring funds and producing earnings in violation of banking guidelines and rules and prescribed legislation of the nation.

It went on to say that after the investigation was launched and the accused was summoned, he started spreading false propaganda in opposition to state establishments and was caught partaking in unlawful actions on social media by posting objectionable materials/remarks concerning the establishments, threatening authorities officers, and inciting the general public in opposition to the state.