ISLAMABAD: (Dunya News) – In the wake of a sophisticated surveillance operation and a detailed investigation, Securities and Exchange Commission of Pakistan (SECP) has been able to unearth and act against a financial cybercrime. A self-styled Karachi-based stock market guru who gave self-serving investment tips to the public on Facebook has been caught red handed by the SECP.
His method of defrauding small investors was through a pump and dump strategy. He would buy a large quantity of shares of the company and then tell his Facebook followers that the financial prospects of the company had greatly improved. When his social media followers rushed to buy the stock, he would sell his own holdings. He replicated this activity numerous times. This criminal conduct earned him an illegal profit of Rs58 million within six months.