Star Pakistani cricketers, including former captain Babar Azam, Mohammad Rizwan, and pacer Shaheen Shah Afridi, have reportedly suffered losses of millions of rupees by being a part of a ponzi scheme, as per a PTI source. The matter got escalated to the Pakistan Cricket Board (PCB), so the board will look into it. As per the sources, a businessman whom Pakistani cricketers trusted paid them briefly. However, he then stopped the payments and later left the country. It has been learned that many of the cricketers had invested their own and their families’ money. Former PSL franchise sponsor reportedly dupes several PAK players of millions As per the source, around a dozen current national players, including Fakhar Zaman, Shadab Khan, and others, along with a former Test captain, had invested significant sums with a Pakistani businessman who has now reportedly fled the country. The source mentioned in its statement, “The businessman, who was well known to the players and had even sponsored some Pakistan Super League franchises, initially made profit payments to the investors for the first few months. But then the payments stopped.” When the cricketers went after the businessman for their money, the businessman allegedly claimed that he had suffered major losses, including both their investments and his own, and was unable to return the money. Later on, he reportedly ceased all communication and left the country. Also Read: WATCH | Pakistan’s savage dig at India reignites ‘handshake controversy’: PCB stoops to new low in Australia series promo Players lose personal funds and family’s savings As per the media sources, many players had invested not only their personal funds but also money belonging to family members and close associates. He further said, “It was basically a Ponzi scheme which went bad. Now these players face the prospect of losing out on millions of rupees.” The amount is so big that it is expected to exceed one billion Pakistani rupees What is a Ponzi scheme? A Ponzi scheme is a type of investment fraud in which returns are paid to earlier investors using the money from new investors rather than from actual profit. When new funds dry up, the scheme collapses, leaving many at a loss. Post navigation WATCH | Pakistan’s savage dig at India, reignite ‘handshake controversy’:Despite losing 3 games in a row, PCB stoops to new low in Australia series promo Supreme Court slams BCCI for monopoly:Says, ‘Tail is wagging the dog since there is money involved’ on issue of cricket team labelled ‘Team India’
