JazzCash has closed more than 100 aggregator accounts after notices from the Federal Investigation Agency (FIA), according to reports citing unnamed sources.
Some accounts were closed following FIA notices, while others were flagged and suspended during JazzCash’s internal review of its aggregator network. JazzCash has not issued a public statement, and Easypaisa declined to comment.
Why JazzCash Closed Aggregator Accounts
The closure of these aggregator accounts comes amid an FIA Faisalabad investigation that began in September into alleged online gambling and digital hawala networks. Investigators traced about Rs119.93 billion ($433.5 million) in transactions routed through local branchless banking channels, bank accounts, mobile wallets and cryptocurrency, particularly USDT.
About Rs8.586 billion moved through roughly 10.5 million transactions across five collection accounts, and eleven single-member shell companies were identified as conduits. The FIA has registered an FIR against eight suspects under the Foreign Exchange Regulation Act and the Pakistan Penal Code, and two primary suspects are reported to be in custody. These details are allegations and have not been tested in court.
Impact on Mobile Wallet Payments
Easypaisa saw settlement delays across six payment firms on October 5, which reports link to the same crackdown. Sources say the closed aggregator accounts were generating significant revenue, so the move could affect JazzCash’s earnings in the coming year.
Source: TechJuice
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