Pakistan's cybercrime agency arrested a man accused of orchestrating a $126 million counterfeit postage scheme against the US Postal Service.
Pakistan’s cybercrime agency recently captured a man wanted for a major fraud scheme. The suspect allegedly caused $126 million in losses to the United States Postal Service.
Also, officials identified the man as 33-year-old Faheem Akram. He hails from the city of Khanewal in Pakistan.
Next, investigators claim Akram ran a website called LabelsBank.com. He operated this site starting in 2023 to sell fake shipping labels.
As a result, a federal grand jury in Florida indicted the suspect last month. The charges involve selling over five million counterfeit labels to thousands of customers.
Meanwhile, the US Postal Inspection Service took action earlier this month. They offered a reward of $100,000 for tips leading to an arrest.
After that, authorities successfully shut down the fraudulent website. The investigation revealed that roughly 5,200 people bought these illegal postage labels.
For example, customers paid just $2 for labels that allowed them to ship packages cheaply. These rates were far lower than legitimate postage costs.
Still, the scheme caused massive revenue losses for the Postal Service. The suspect allegedly ignored package weight and destination when setting his fake prices.
Finally, prosecutors filed multiple serious charges against Akram. These include conspiracy to defraud the US government and several counts of wire fraud.
If a court convicts him, the suspect faces significant prison time. The wire fraud charges alone carry potential sentences of 20 years each.