What began as a lucrative investment opportunity has now turned into a wave of speculation and confusion surrounding some of Pakistan’s top cricketers. Several current and former national players, including star names, have been linked to an alleged financial scheme that promised substantial monthly returns — a venture that has since come under public and media scrutiny.
According to a report by Geo News, the players were drawn into the arrangement after a former captain introduced them to a businessman who promised unusually high profits. While the businessman initially delivered on his word, he has reportedly vanished, leaving investors in a financial bind and sparking questions over how much due diligence was exercised.
How the scheme collapsed after early payouts stopped
The early success of the venture lulled players into investing more, with several even involving family and close associates. The businessman at the center of the scheme was said to be personally known to many cricketers and had even sponsored PSL franchises.
“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,” a source told PTI.
“After that he stopped answering calls and messages and left the country,” the source added.
Reports suggest the total investment could be as high as PKR 2 billion (approx. US$ 7.2 million), with players facing major potential losses. The scheme has since been described in stark terms by those familiar with the matter.
“It was basically a Ponzi scheme which went bad. Now these players face the prospect of losing out on millions of rupees,” a source told PTI.
PCB yet to speak at length
Despite the scale of the alleged financial exposure — which reportedly involves centrally contracted players — the Pakistan Cricket Board (PCB) has yet to make a full statement on the matter, although many are calling for more clarity.
“When national players are linked to high risk financial schemes, it becomes an institutional issue,” a former PCB official said, as quoted by Mediabites.
“The PCB must clarify its position and explain whether it sees this as a personal matter or one that affects the credibility of Pakistan cricket,” the former official added.
The players have so far not filed any official complaints. Legal experts speculate that concerns around publicity, brand reputation, and questions over undocumented investments may be contributing to their cautious approach.
Players deny fraud claims, insist payments are ongoing
Amid the controversy, several players have attempted to set the record straight. According to a report by Geo News, some of those allegedly involved clarified that they have not been defrauded and that communication with the company remains ongoing.
“The issue surfaced after only two cheques of other players were bounced, which led to media reports suggesting fraud. The company remains in contact with us and assured us that all pending payments will be cleared by March,” several players told Geo News.
They also shared recent transactions to support their claim.
“A player who invested a principal amount of Rs40 million (approx. US$ 144k) had received 200,000 dirham (approx. US$ 54k) a few days back,” several players told Geo News.
The players also informed PCB chairman Mohsin Naqvi of the situation. According to the report, they assured him there was no serious issue at the moment and that the company owner remains accessible and in touch from Dubai.
What’s next for Pakistan cricket’s financial oversight?
The company’s owner, speaking with Geo News, denied any wrongdoing. He stated that all agreements with players were properly documented and guaranteed with cheques. He also denied having any connection to the United States — a key detail that contradicts early speculation.
With no legal action taken yet, the full scope of the incident remains unclear. But the episode has reignited calls for stronger financial oversight, particularly for high-profile athletes operating in risky financial spaces without safeguards.
