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When Shazia Nazir, a housewife in Gilgit, invested half a million Rs500,000 into an online investment platform she saw on Facebook, she believed she had finally found a path to financial independence. The app promised daily profits, risk-free investing, and even displayed charts showing her growing returns. Then, one morning, the app vanished — and with it, her entire savings.
“I thought it was genuine,” she says quietly. “The app looked professional, and even showed live profit updates. Now, I can’t open it. My money is gone.”
Shazia’s story is becoming all too common in Gilgit-Baltistan — Pakistan’s mountainous northern region that borders China, Afghanistan, and India. Once known for its serene beauty and remote valleys, the region, with a population of two million people, is now grappling with a different kind of storm — digital financial scams that prey on the hopes and savings of ordinary people.
A similar online scam last year defrauded hundreds of people in the same way, plunging the already cash-strapped population into deeper misery. Earlier, the infamous Mudaraba scam had targeted religiously inclined individuals by promising “interest-free” profits and “clean money,” leaving thousands of trusting investors penniless once it collapsed.
The perfect setting for scammers
Gilgit-Baltistan (GB) is one of the most geographically isolated regions in South Asia. Its rugged terrain, snow-capped peaks, and scattered settlements make it both breathtaking and challenging. With limited industrial or private sector development, most people rely on government jobs, small-scale trading, or remittances from relatives working elsewhere in Pakistan or abroad.
Educational standards have improved in recent years, but digital literacy remains low — especially among older citizens and homemakers. While young people are increasingly active online, many lack awareness about online security and financial fraud.
As internet access expanded rapidly during the COVID-19 pandemic, mobile phones and social media became lifelines for communication and commerce. However, this digital expansion also opened the door for cybercriminals.
The Whale International scam: A costly illusion
Thousands of people across Gilgit-Baltistan — particularly in Hunza and Skardu — recently fell victim to an online gambling and investment app called Whale International Binance.
At its peak, locals say the app was handling transactions worth crores of rupees daily. “People were told they could earn high returns simply by “investing” and inviting others to join,” says Afaq Ahmed, a resident of Gilgit.
It was marketed as an easy, modern way to grow income — especially appealing in a region with limited employment opportunities.
Then, just as confidence reached its height, the app suddenly disappeared. Accounts were frozen, withdrawals blocked, and all communication stopped. The total estimated loss is around Rs3.90 crore.
“I invested first, then told my friends and cousins,” said a young man from Hunza who requested anonymity. “Now everyone blames me because they also lost money. The app’s support number no longer works, and their Facebook page is gone.”
How the Scams Work
These fraudulent apps follow a familiar playbook:
Launch and Advertising (0–3 months): Scammers develop a professional-looking platform and promote it heavily on Facebook, Instagram, and YouTube using fake success stories.
Gain Trust (3–6 months): They allow small withdrawals, so users feel secure.
Block Withdrawals (6–9 months): Once large sums are invested, they create “technical errors” or “policy changes.”
Disappear (9–12 months): The app vanishes, along with all user funds — only to reappear under a new name later.
To deceive users, these scams use several psychological and digital tricks:
Fake celebrity endorsements to build credibility.
Referral programs offering bonuses for inviting others.
High-pressure tactics urging users to “invest now before it’s too late.”
Fake customer support that delays or denies withdrawal requests.
Fabricated graphs and profit dashboards showing unreal earnings.
The result: a false sense of security that eventually collapses, leaving entire communities in financial ruin.
The human cost
In Gilgit and Skardu, local WhatsApp groups and Facebook pages are filled with stories of loss and regret. Many victims had invested money saved for children’s education, dowries, or small business ventures.
A schoolteacher from Skardu shared that he lost Rs200,000, believing it was “a chance to make passive income.”
“Everyone was doing it,” he said. “They showed us screenshots of profits. I thought it was the future.”
For families in a region where monthly incomes often range between Rs20,000 and Rs40,000, these losses are devastating. Some victims even borrowed money to invest, expecting quick returns that never came.
Weak oversight, growing threat
Pakistan’s digital financial ecosystem has expanded rapidly in recent years — from mobile wallets to online investment platforms. However, regulatory oversight and public awareness have not kept pace.
In many cases, the scammers operate from overseas or use cryptocurrency-based systems that bypass Pakistan’s traditional banking framework. This makes investigation and recovery of funds nearly impossible.
“The lack of coordination between regulators, telecom authorities, and digital platforms allows scammers to exploit users,” says a financial analyst in Islamabad. “Without digital literacy and stronger enforcement by the State Bank of Pakistan, SECP, and FIA’s Cyber Crime Wing, people will continue to fall into these traps.”
Building digital resilience
Experts suggest that Pakistan’s regulatory bodies, industry players, and digital service providers must work together to create a safer online environment.
Stronger regulation:
All investment apps should be registered with recognized authorities such as SECP or international regulators like FCA (UK), SEBI (India), or ASIC (Australia).
Public awareness:
Regular awareness campaigns — in Urdu and regional languages — should educate citizens about digital scams, secure payment methods, and safe online practices.
Verification tools:
Telecom companies and banks should provide users with easy tools to verify whether an investment platform is licensed.
Industry responsibility:
Social media platforms must act faster to block fraudulent ads and pages once reported.
Community education:
Local schools, colleges, and NGOs in Gilgit-Baltistan can play a role by integrating digital literacy into their community programs.
What you can do
If you suspect an app or investment opportunity is fake:
Verify its license with SECP or other regulators.
Avoid unrealistic promises of “guaranteed” profits.
Research company details and contact numbers.
Read genuine user reviews, not just sponsored ones.
Test withdrawals before large deposits.
Report fraud to the FIA Cyber Crime Wing and your bank.
Warn others on social media to help prevent further victims.
A cautionary tale for the digital age
Gilgit-Baltistan’s people are resilient — they’ve survived harsh winters, natural disasters, and isolation for decades. But now they face a new kind of challenge: digital deception.
For victims like Shazia Nazir, the experience is a painful reminder that financial dreams can vanish as fast as a downloaded app.
“I wanted to support my family,” she says. “Instead, I learned the hardest lesson — never trust easy money.”
The rise of digital scams like Whale International Binance underscores a national issue: as Pakistan moves toward a cashless future, the need for digital safety, literacy, and trust has never been greater.
If something online sounds too good to be true, it probably is.
Stay alert, stay informed, and protect your digital wallet before it’s too late.
Edward Helmore
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There’s nothing quite as satisfying as seeing a steady stream of passive income roll in each year. For me, one of the most reliable contributors to that flow has been Legal & General (LSE: LGEN) – a company that’s been part of my portfolio since the start and remains one of my most dependable earners.
Best known for its life insurance business, Legal & General was also one of the early pioneers of low-cost index tracker funds, making it a familiar name for both institutional and retail investors. Alongside this, it provides a range of consumer-facing retirement products such as annuities, drawdown plans, and lifetime mortgages.
Yet despite its strong foundations, the stock’s been under pressure. Over the past three months, it’s slipped 6.2%, pushing the yield up to a hefty 9%. Analysts currently estimate the firm to be trading around 54% below fair value based on discounted cash flow models. Even modest growth could potentially support total annual returns near 10%, meaning an investor’s capital could double in roughly a decade (assuming the yield holds).
So should I be topping up my holding?
Recent results haven’t exactly impressed. Revenue dropped 39% year on year (yoy) to £31.33bn, while earnings fell 31.8% yoy to £230m. That leaves the group with a razor-thin net margin of just 0.69% – hardly reassuring for those seeking dependable growth.
Despite that, forecasts remain surprisingly upbeat, with average earnings growth expected to be around 39% a year over the next three years. Out of 16 analysts covering the stock, five rate it a Buy, eight a Hold, and three a Sell, with an average 12-month price target of 261p – about 10.6% higher than the current share price.
Still, life insurance accounting’s notoriously complex. The long timelines involved and the unpredictable nature of claims and returns make it difficult to read the numbers with absolute confidence.
Legal & General’s been very active in the bulk annuities market – a space where insurers take on pension liabilities from other firms in return for a fee. If it can invest those assets profitably, it wins. But if markets turn or investment returns disappoint, the results can swing hard in the opposite direction.
Another concern is interest rates. Falling rates can inflate the value of future liabilities, squeezing returns on reinvested assets as older holdings mature. For a business so deeply tied to long-term investments, this could present a real challenge.
A 9% yield and a stock trading more than half below fair value look compelling on paper. But those figures don’t guarantee returns – dividends can be cut, and cheap shares can always get cheaper.
