A so-called online ‘investment app’, JawaEye, has deprived thousands of Pakistanis of their hard-earned money with some estimates putting the aggregate figure at Rs. 25 billion.
The app, run by a phony company that claimed to be based in Indonesia, ran a Ponzi scheme where unsuspecting users were lured by the promise of handsome profit.
The app, which has now been removed from Google Play, was being used by thousands of people from all across Pakistan. Each customer invested a minimum amount of Rs. 15,000, which was dubbed the sign-up fee.
However, the app was primarily operating through a website and not through the Google Play version. The Google Play presence was likely just to build more trust of customers in the app.
One look at the cached Google Play page of the app shows that the app had a dodgy description which reads “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 simple search on Youtube reveals that there are hundreds of videos with millions of aggregate views that are promoting the app as a legitimate earning opportunity. Similarly, there are dozens of groups on Facebook through which people were lured to sign up.
The app worked like a typical Ponzi scheme where users had to spend $50 (approximately Rs. 14,000 at the current exchange rate) to sign up, once signed up customers started earning from the app. Like all Ponzi schemes, the earnings were so low that it took people months before they could break even, and during that time they were provided a higher ‘profit’ to lure other people to sign up.
One video, uploaded in April on Youtube, explains that the app offers excellent returns after an investment of just $50. The Youtuber plays a voicenote in the video which claims that people have earned thousands of dollars through the app. Apparently, a Binance account was needed to deposit money into the app and for withdrawals
Recently the app communicated that is undertaking several policy changes and profit will be on hold for some time. This development alerted customers but it was too late by that time. After announcing a revision in policies, the app became less responsive as panicked customers looked for answers.
Recent Google reviews on the app also tell how customers slowly realized that they were being scammed in recent days with most customers warnings others against investing in the app.
A notice, available on the app’s login portal, claims that Jawa Eye has reached an agreement with the New York Stock Exchange on a ‘listing plan’, an obviously fake claim.
Recently FIA Faisalabad has also registered an FIR against some individuals in District Sahiwal who are involved in this business. According to the FIR, criminal groups are engaging in illegal foreign currency trading in the Sahiwal. They have installed various investment-related apps on their phones and also transferred remittances through Hawala or Hundi using unauthorized local agents in different cities.
It is important to note that an unlicensed app cannot provide financial services unless it is registered with the relevant departments.
The Securities and Exchange Commission of Pakistan (SECP) had also taken up this matter with Google and requested that only registered apps with relevant regulators such as the State Bank of Pakistan (SBP) or SECP be placed on the Play Store.
However, the fact that the app in question was operating in Pakistan for months without any action against it raises serious questions about the performance of relevant departments.
well this will happen when your country does not have true government leaders or your country
Brother! the greedy approach of masses is the sole reason behind this grim state of affairs. Government is not always responsible for such embezzlements where there one can use one’s mind.
@M Zahid Iqbal please tell us why these apps are even allowed Government should have banned apps our people want short success it is our vulnerability but there should be Pakistan court where we can sue such app developers.
Also a fraud app gaining momentum is “B-Love” network.
Kindly also take action against fraud app ANTTECH which got billions of rupee from Pakistani and ran away even it was registered with SECP.
Lmfao didn’t this already happened with PaySlash, Perpel and other similar schemes.. srsly when will people realize this is a fraud. all these double your investment schemes are fraud 🤦♂️
There is a new app on play store WM business. same as jawa eye and people start investing in it. ts on google search warnermusicc.com u can also login there.
Why we dont want to work..and just want money without working..why not we bring good n ohnest opportunities for our willing workers..why we always cries over the split milk..blaming governments…….
Tron Network has also cheated and swindled people’s lakhs of rupees but no one is taking his name
Greetings! All such application evoke gambling like spirit. To become a millionaire without zero effort is ridiculous. I think after being robbed many times, we should be wise enough to ignore such temptations to avoid future worries.
Ponzi schemes are a devastating form of financial fraud that can cause immense harm to unsuspecting individuals. These schemes promise unrealistic returns and rely on a constant influx of new investors to sustain the illusion of profitability. Unfortunately, when the scheme inevitably collapses, many people lose their hard-earned money. It is crucial to remain vigilant, conduct thorough research, and be skeptical of any investment opportunity that seems too good to be true. By understanding the workings of Ponzi schemes and being informed, we can better protect ourselves and avoid becoming victims of these deceitful practices.
Good
please banday k putter bnay sb aur mehnat krnay seekhen.
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People are getting defrauded daily and life still goes on with everyone doing their thing.There has been no new thing in all these various investments scams that has not been widely known.In defense against this, we’ve been blessed by couple of trustworthy and licensed forensic experts,one of them is Dr Saren (Saren55 on telegram), you can’t be forced to reach out to her but you should at least ask if your recovery is possible.