12 Infamous Financial Scams in Asia (2025)

Asia’s rapidly expanding economies and growing financial markets in 2025 have unfortunately attracted a wave of sophisticated financial scams. As digital transactions and investments soar, fraudsters exploit regulatory gaps and technological vulnerabilities, causing massive losses to individuals and institutions alike. 

From multi-billion-dollar Ponzi schemes to corporate frauds led by powerful businessmen, the region faces increasing challenges to safeguard financial integrity. Here are the Top 12 Biggest Financial Scams in Asia in 2025, highlighting the key players and current legal outcomes.

1. Zhonghua Finance Ponzi Scheme – China

Company/Person: Zhonghua Finance | Founder – Li Wei
Zhonghua Finance operated a Ponzi scheme disguised as a high-yield wealth management company in Shanghai. Li Wei promised 20% annual returns, attracting over 120,000 investors. The scheme collapsed, causing losses of approximately $2.5 billion.

• Scam: $2.5 billion Ponzi scheme
  
• Legal Ruling: Li Wei arrested; company assets seized
  
• Legal Sentence: Li sentenced to 20 years imprisonment
  

2. Evertrust Capital Fraud – India

Company/Person: Evertrust Capital | CEO – Rajesh Kumar
Evertrust Capital falsely reported investment returns to lure over ₹8,000 crore from retail investors. CEO Rajesh Kumar was accused of embezzlement and money laundering.

• Scam: ₹8,000 crore embezzlement through fake returns
  
• Legal Ruling: FIR filed; ED investigation ongoing
  
• Legal Sentence: Kumar under judicial custody; trial underway
  

3. PT Astra Energy Scandal – Indonesia

Company/Person: PT Astra Energy | Chairman – Surya Dharma
Surya Dharma was implicated in falsifying company accounts to inflate profits and attract foreign investors, leading to a $900 million loss.

• Scam: $900 million corporate fraud via falsified accounts
  
• Legal Ruling: Chairman suspended; police probe active
  
• Legal Sentence: Pending investigation
  

4. Shinsei Investment Fraud – Japan

Company/Person: Shinsei Investment Fund | Manager – Hiroshi Tanaka
The fund manager manipulated valuation models to hide losses, misleading thousands of investors of a $750 million loss.

• Scam: $750 million fund misreporting
  
• Legal Ruling: Manager arrested; fund suspended
  
• Legal Sentence: Trial ongoing
  

5. Seoul Tech Crypto Scam – South Korea

Company/Person: Seoul Tech Crypto | Founder – Min-Jae Kim
Seoul Tech promised guaranteed returns on crypto investments but vanished with $620 million in investor funds.

• Scam: $620 million crypto Ponzi
  
• Legal Ruling: Founder detained; assets frozen
  
• Legal Sentence: Pending court verdict
  

6. Gulf Star Investment Fraud – UAE

Company/Person: Gulf Star Investments | CEO – Ahmed Al-Sayegh
Ahmed Al-Sayegh ran a $1.1 billion Ponzi scheme on oil infrastructure projects.

• Scam: $1.1 billion Ponzi scheme
  
• Legal Ruling: Arrest warrants issued; Interpol involved
  
• Legal Sentence: At large
  

7. BitGulf Crypto Exchange Collapse – Bahrain

Company/Person: BitGulf Exchange | Founder – Salim Hassan
$420 million embezzled in crypto exchange collapse.

• Scam: $420 million embezzlement
  
• Legal Ruling: Founder arrested
  
• Legal Sentence: Trial ongoing
  

8. Al-Mansour Real Estate Scam – Saudi Arabia

Company/Person: Al-Mansour Group | Chairman – Faisal Al Mansour
$650 million lost through fake real estate projects.

• Scam: $650 million fraud
  
• Legal Ruling: Chairman arrested
  
• Legal Sentence: Trial pending
  

9. National Bank of Oman Embezzlement

Company/Person: National Bank of Oman | Executives involved
₹220 million lost through fake loans.

• Scam: ₹220 million embezzlement
  
• Legal Ruling: Executives suspended
  
• Legal Sentence: Hearings underway
  

10. Al-Qasim Capital Fund Fraud – Kuwait

Company/Person: Al-Qasim Capital | CEO – Rashed Al-Qasim
$500 million lost through falsified fund reports.

• Scam: $500 million fraud
  
• Legal Ruling: CEO detained
  
• Legal Sentence: Sentencing pending
  

11. Azm Financial Services Scam – Pakistan

Company/Person: Azm Financial Services | CEO – Kamran Abbas
Azm Financial Services collected over PKR 10 billion via fake investment schemes, promising unrealistic returns and defaulting on payouts.

• Scam: PKR 10 billion Ponzi scheme
  
• Legal Ruling: CEO arrested; SECP investigation ongoing
  
• Legal Sentence: Trial pending
  

12. Karachi Real Estate Fraud – StarBuild Developers

Company/Person: StarBuild Developers | Owner – Saeed Malik
StarBuild duped investors with fake property titles and unfulfilled promises, amassing losses over PKR 5 billion.

• Scam: PKR 5 billion real estate fraud
  
• Legal Ruling: Police FIR filed; owner detained
  
• Legal Sentence: Court hearings ongoing
  

Asia’s financial markets in 2025 faced alarming frauds affecting millions and billions of dollars. These cases highlight the urgent need for regulatory vigilance, investor education, and international cooperation to combat evolving financial crimes.