HomeBusinessLam Scam: Twin Cities Residents Lose Millions in Online Earning App Deception

Lam Scam: Twin Cities Residents Lose Millions in Online Earning App Deception

The Lam mobile app, once touted for its promises of lucrative returns, has vanished into thin air, leaving residents of the twin cities grappling with substantial financial losses.

The Lam app, known for enticing investors with the allure of quick and substantial profits, garnered trust before abruptly shutting down, prompting victims to seek recourse with the Federal Investigation Agency’s (FIA) Cybercrime Cell.

Amidst growing concerns, reports suggest that the app’s administrator may have fled to Dubai, intensifying worries among those who had hoped to earn easy profits from the comfort of their homes.

Shamim Begum, a housewife and unfortunate victim, recounted her experience of investing Rs4,000 in Lam after being persuaded by a fellow investor. Initially receiving a profit of Rs200 on the first day, she went on to convince 10 more women in her neighborhood to invest. However, a week later, the app shuttered, and the administrator vanished, taking both the invested money and profits with them.

Muhammad Junaid, another victim, revealed his investment of Rs0.3 million in Lam, having referred over 200 friends. The ensuing losses prompted him to call for government intervention against the app’s administrators, shedding light on the fraudulent operations that enticed citizens with promises of high profits.

Mehmood Butt underscored the app’s deceptive investment packages and unfulfilled promises of returns, emphasizing the app’s closure before meeting its commitments. Reports indicate that money generated through the app was withdrawn via various mobile cash points.

The FIA has initiated an investigation into the Lam app fraud, receiving a flurry of applications from citizens who fell prey to the deceptive scheme. The Cyber Crime Wing is diligently collecting crucial evidence, uncovering the app’s operation under a fraudulent referral program that misled users into believing they were engaging in legitimate profit-making.

Preliminary findings suggest that the app’s administrator may have fled the country, although official confirmation is pending. In light of these events, citizens are urged to exercise caution in online transactions, considering the prevalence of fraudulent schemes targeting unsuspecting individuals. The Lam scam serves as a stark reminder of the risks associated with online investments and the importance of due diligence in financial dealing

The views expressed in this article are the author’s own and do not necessarily reflect Coverpage’s editorial stance

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