An interim charge sheet submitted to the Anti-Terrorism Administrative Court at Karachi Central Jail has exposed his complex web of financial crimes.
According to the FIA, Armughan and his accomplices impersonated officials from various US government departments to defraud American citizens. He allegedly operated several call centers and eventually registered his own company in 2018. Through these operations, he is estimated to have earned between $300,000 to $400,000 per month.
Armughan reportedly transferred much of his illicit income into cryptocurrency. The interim charge sheet notes that he owned eight vehicles worth over Rs154 million, and digital evidence including 18 laptops and fraudulent call scripts has been recovered.
To expand his operations, Armughan employed two foreign agents, Lisa and Sophie, who helped establish a fraudulent company under the name “Trademark Comin.” This company specifically targeted American citizens, generating an estimated annual income of $25 million.
Call center agents were reportedly hired on basic salaries of $75,000, which could rise up to $450,000, with salaries processed through third-party channels. Financial records revealed that Armaghan maintained a business account under Kamran Qureshi’s name at Truist Bank in Maryland, USA, allegedly for “software services.”
In addition to this, Armughan operated other business accounts under the title “CRUZERS,” which were linked to at least seven merchant terminals and payment gateways to facilitate illegal transactions. The FIA found that deceptive payment descriptors like “US Patent Trademark” and “US Trademarks” were used to mask the fraudulent nature of transactions from financial institutions and victims.
Once the illicit funds were transferred to identifiable bank accounts, Armaghan converted them into Bitcoin through Coinbase. These funds were then moved to crypto wallets on platforms such as Paxful and Noones, and later converted into fiat currency or USDT before being routed to third parties.
The investigation also revealed that the laundered money was used to purchase both movable and immovable assets and to pay salaries and commissions to employees and associates involved in criminal activities. He reportedly used several email addresses-including therealboss1111@protonmail.com and sarwathussain009@outlook.com-to register crypto wallets and conduct these transactions.