PAKISTAN ARRESTS MAN ACCUSED OF $126M US POSTAGE FRAUD

Pakistan’s National Cyber Crime Investigation Agency has arrested Faheem Akram, whom US prosecutors accuse of selling counterfeit postage labels online. Agency official Atif Ameer said investigators detained Akram after several weeks of searches and raids across multiple regions. A federal grand jury in the Southern District of Florida indicted Akram on 28 September. US prosecutors estimate that the scheme cost the US Postal Service at least $126 million (£94 million). Akram lives in Khanewal, in Pakistan’s Punjab province.

Prosecutors allege that Akram operated LabelsBank.com and sold counterfeit labels to US customers. The US Attorney’s Office for the Southern District of Florida said more than 5,200 people bought over 5.1 million labels. Prosecutors said the labels typically cost $2 each, regardless of a parcel’s weight, size or destination. They said the loss estimate covered lost postage revenue and shipping costs, rather than the website’s sales. Ameer said investigators traced the operation from August 2023 to September 2026 and identified 16 bank accounts registered to Akram and members of his family.

Akram faces one conspiracy count, five counts involving counterfeit postage labels and four wire fraud counts, according to the US Attorney’s Office. The office said a conviction could bring a maximum sentence of five years on the conspiracy and counterfeit postage counts and 20 years on each wire fraud count. The US Postal Inspection Service had offered up to $100,000 for information leading to his arrest. Authorities have shut down the website. Officials have not established whether Akram will face trial in Pakistan or extradition to the United States.