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Several senior Pakistan cricketers, including former captain Babar Azam, Mohammad Rizwan and fast bowler Shaheen Shah Afridi, have allegedly been caught in a Ponzi scheme that could result in losses running into millions of rupees, according to a source.
The matter has reportedly come to the notice of the Pakistan Cricket Board, which is understood to be examining the circumstances surrounding the alleged financial fraud. The source said around a dozen current players, including Fakhar Zaman and Shadab Khan, along with a former Test captain, are believed to have invested substantial sums with a Pakistani businessman who has since left the country.
According to the source, the businessman, who was known to several players and had links to sponsoring franchises in the Pakistan Super League, initially made regular profit payments for a few months. However, the payments were later stopped, raising concerns among the investors.
When approached by the affected players, the businessman reportedly claimed he had suffered heavy losses, including the invested amounts and his own funds, and was therefore unable to return the money. Subsequently, he stopped responding to calls and messages and left the country, the source said.
The source added that many of the players had invested not only their personal savings but also funds belonging to relatives and close associates. He said the arrangement was essentially a Ponzi scheme that eventually collapsed, leaving the players facing the prospect of significant financial losses.
According to the source, the total amount invested by the cricketers and their associates could exceed one billion rupees.
economictimes.indiatimes.com
The matter has reportedly come to the notice of the Pakistan Cricket Board, which is understood to be examining the circumstances surrounding the alleged financial fraud. The source said around a dozen current players, including Fakhar Zaman and Shadab Khan, along with a former Test captain, are believed to have invested substantial sums with a Pakistani businessman who has since left the country.
According to the source, the businessman, who was known to several players and had links to sponsoring franchises in the Pakistan Super League, initially made regular profit payments for a few months. However, the payments were later stopped, raising concerns among the investors.
When approached by the affected players, the businessman reportedly claimed he had suffered heavy losses, including the invested amounts and his own funds, and was therefore unable to return the money. Subsequently, he stopped responding to calls and messages and left the country, the source said.
The source added that many of the players had invested not only their personal savings but also funds belonging to relatives and close associates. He said the arrangement was essentially a Ponzi scheme that eventually collapsed, leaving the players facing the prospect of significant financial losses.
According to the source, the total amount invested by the cricketers and their associates could exceed one billion rupees.
Pakistan stars Babar Azam, Mohammad Rizwan, Shaheen Shah Afridi other cricketers hit by PKR 100 crore 'investment' scam
Several top Pakistani cricketers, including Babar Azam, Mohammad Rizwan, and Shaheen Shah Afridi, have reportedly lost millions of rupees in a Ponzi scheme. A businessman, known to the players and involved in PSL sponsorships, allegedly absconded after failing to return their investments. The...
