Cyber scam: Victims stripped of billions in car, housing loan fraud.

KARACHI -- A new car and housing finance cyber-scam worth billions of rupees have come to light in which two suspects, after allegedly creating shadow companies on well-known e-commerce websites, defrauded hundreds of people without ever getting caught.

The victims claim that despite more than two hundred FIRs being registered, the accused are walking free.

According to a report, the alleged fraudsters would first lure buyers into their trap by tricking them into buying cheap houses and automobiles offered through shadow companies on a popular e-commerce website.

After receiving a down payment from an unsuspecting victim, the company would then employ delaying tactics by using the complicated clauses of the contract. When a worried victim would go to the police or register an FIR, the perpetrators would change the name of the shadow company and its staff.

According to documents available...