Pakistan arrests man accused of $126m US postage fraud

Summarised from 2 outlets · Updated 21 Oct, 10:20 · Archive

Pakistan has arrested a man accused of selling over 5 million counterfeit US shipping labels for $126 million in losses.

Pakistan's cybercrime agency has arrested Faheem Akram, 33, from Khanewal, accused of running a counterfeit postage operation that caused $126 million in losses to the US Postal Service. He allegedly operated LabelsBank.com, selling counterfeit US shipping labels since 2023.

Acording to the US Attorney's Office for the Southern District of Florida, Akram sold the counterfeit labels at a fixed rate of $2 each, regardless of package weight, size or destination. This allowed customers to ship packages at rates far below legitimate prices. An investigation found that more than 5,200 individuals purchased over 5.1 million counterfeit shipping labels.

Authorities have now shut down the website. Akram is charged with one count of conspiracy to defraud the United States and to make and sell counterfeit postage stamps, five counts of making and selling counterfeit postage stamp labels, and four counts of wire fraud. If convicted, he faces a maximum penalty of five years in prison on the conspiracy and counterfeit postage counts, and 20 years in prison on each wire fraud count.

How it is being reported

• Man arrested in Pakistan over $126m counterfeit postage schemeA man has been arrested in Pakistan and accused of running a counterfeit postage operation costing the US Postal Service $126m (£94m).Sky News · 21 Oct, 08:02
• Pakistan arrests man hunted by US over $126m postage fraud caseFaheem Akram allegedly sold more than 5 million fake postage labels for a fixed price of $2 a piece.BBC World · 21 Oct, 06:46

In this story: Faheem Akram · US Postal Service · Pakistan · Khanewal · Florida

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem