NEW DELHI: Several prominent Pakistan cricketers, among them former captain Babar Azam, Mohammad Rizwan and fast bowler Shaheen Shah Afridi, have reportedly been caught up in an alleged Ponzi scheme that may have resulted in significant financial losses.
Sources indicate that the issue has been flagged to the Pakistan Cricket Board (PCB), which is understood to be examining the matter after details of the suspected scam emerged.
According to those familiar with the situation, nearly a dozen current international players - including Fakhar Zaman, Shadab Khan and others - along with a former Pakistan Test captain, are believed to have invested substantial amounts of money with a local businessman.
The individual in question has reportedly fled the country, raising concerns over the recovery of the funds.
"Initially the businessman who is well known to the players and has also been involved in sponsoring some franchises in the Pakistan Super League made profit payments to the players for the first few months but then stopped the profit payments," the source said.
When the affected players approached him, the businessman reportedly claimed that he had incurred heavy losses, including their investments as well as his own, and was unable to return the money, added the source.
"After that he stopped answering calls and messages and left the country," the source said.
Many of the players had invested not only their personal savings but also money belonging to relatives and close associates, the source said.
"It was basically a Ponzi scheme which went bad. Now these players face the prospect of losing out on millions of rupees," he said.
The total amount invested by the cricketers and their associates could exceed one billion rupees, the source added.
(With PTI Inputs)
