Pakistan arrests man hunted by US over $126m postage fraud case

What happened: Pakistan's cybercrime agency arrested Faheem Akram, accused of running a counterfeit postage operation through LabelsBank.com that sold fake US shipping labels. The website has been shut down. Key numbers: $126 million in alleged losses to the US Postal Service; more than 5.1 million counterfeit labels sold to over 5,200 buyers; labels usually $2 each; reward of up to $100,000 offered; charges Why it matters: US prosecutors allege the operation let customers ship at rates far below legitimate prices, causing substantial lost revenue and shipping costs to the Postal Service.

Pakistan's cybercrime agency arrested Faheem Akram, accused of running a counterfeit postage operation through LabelsBank.com that sold fake US shipping labels. The website has been shut down.

US prosecutors allege the operation let customers ship at rates far below legitimate prices, causing substantial lost revenue and shipping costs to the Postal Service.