Pakistani authorities arrest man accused in $126m US postage fraud
Summary
Pakistani authorities arrested Faheem Akram, who is accused of running a fake online stamp business that caused over $125 million in losses to the US Postal Service. He faces charges in the US for producing and selling counterfeit postage stamps and wire fraud.Key Facts
- Faheem Akram, 33 years old, was arrested in Pakistan after a large search and raids.
- US prosecutors say he sold over 5.1 million fake stamps through a website since August 2023.
- These counterfeit stamps cost about $2 each and let customers ship parcels cheaper than official rates.
- The US Postal Service lost more than $124 million because of this fraud.
- Akram used 16 bank accounts, including his family members', to manage the operation.
- He faces multiple charges: conspiracy to defraud the US, making and selling fake stamps, and four counts of wire fraud.
- Each wire fraud charge could mean up to 20 years in prison, and conspiracy could add 5 years.
- It is not yet decided if Akram will be tried in Pakistan or sent to the US for trial.
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