PCB Investigates Massive Financial Scam Involving Babar Azam, Rizwan: What We Know

PCB investigates financial scam involving Babar, Rizwan; losses could exceed millions

In a shocking turn of events that has sent ripples through Pakistan’s cricketing world, star players like Babar Azam, Mohammad Rizwan, and Shaheen Shah Afridi have allegedly fallen victim to a sophisticated financial scam—one so large it may have cost them millions of their hard-earned rupees. The Pakistan Cricket Board (PCB) has officially launched an investigation into what could be one of the most damaging off-field crises in the nation’s sporting history .

The alleged mastermind? A businessman with deep ties to the Pakistan Super League (PSL), who reportedly promised high-yield returns on investments but vanished after collecting funds from multiple elite athletes—including personal savings and even family money. With total investments possibly exceeding **Rs. 1 billion**, this isn’t just a personal tragedy for the players; it’s a national scandal shaking trust in financial advisors within sports circles.

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How the PCB Financial Scam Unfolded

According to initial reports, the scheme operated under the guise of a legitimate investment opportunity, likely tied to real estate or business ventures. The accused individual—once a known sponsor of PSL franchises—leveraged his insider status and connections to gain the trust of high-profile players .

He allegedly pitched guaranteed returns, citing his past success and proximity to the cricket ecosystem. Many players, unfamiliar with complex financial instruments and eager to secure their families’ futures, invested significant portions of their earnings without proper due diligence.

But the promised profits never materialized. Instead, the businessman is said to have fled the country, leaving behind a trail of broken promises and devastated athletes facing potential financial ruin.

Who Is Affected? Top Cricketers at Risk

While the full list of victims hasn’t been officially confirmed, credible sources indicate that several current and former national team members are involved. Confirmed names include:

  • Babar Azam – Pakistan’s former captain and one of its highest-paid cricketers.
  • Mohammad Rizwan – Star wicketkeeper-batter and T20I mainstay.
  • Shaheen Shah Afridi – Leading fast bowler with major brand endorsements.

Reports suggest these players didn’t just invest their own match fees—they also pooled in money from extended family members, amplifying the emotional and financial toll. One source close to a player described the situation as “devastating,” noting that some may have lost life savings intended for children’s education or home purchases .

The Businessman Behind the Fraud

Though his name hasn’t been formally released by authorities, media outlets identify him as a Karachi-based entrepreneur who had previously sponsored a PSL franchise and maintained visible relationships with team management and players . His public profile gave him credibility—a dangerous advantage in a sport where financial literacy among athletes remains low.

Experts warn this case highlights a recurring vulnerability: celebrities, despite earning millions, often lack the expertise to vet investment opportunities. As noted by the Investopedia guide on athlete finances, “High income doesn’t equal financial security without proper planning.”

PCB Response and Official Investigation

The PCB financial scam has prompted swift action from the board. Chairman Mohsin Naqvi has ordered a full internal inquiry and pledged cooperation with law enforcement agencies, including the Federal Investigation Agency (FIA) .

In a statement, the PCB emphasized its commitment to supporting affected players and exploring legal avenues for recovery. There are also calls within cricketing circles for the board to establish a financial advisory wing—a move long advocated by player unions globally.

“This isn’t just about money—it’s about protecting our athletes from predatory schemes,” said a senior PCB official, speaking anonymously. “We can’t let trust be weaponized against those who bring pride to the nation.”

Lessons for Athletes on Financial Literacy

This scandal underscores a critical gap in professional sports: the lack of mandatory financial education. Unlike in leagues such as the NBA or NFL—where rookies receive extensive training on wealth management—many cricketers in emerging economies manage sudden wealth with little guidance .

Potential reforms being discussed include:

  1. Mandatory financial literacy workshops for all centrally contracted players.
  2. PCB-vetted lists of certified financial advisors.
  3. Stricter disclosure rules for third-party business engagements involving players.

For more on athlete wealth management, see our deep dive on [INTERNAL_LINK:sports-career-financial-planning].

Conclusion

The PCB financial scam is more than a cautionary tale—it’s a wake-up call for the entire sports ecosystem in Pakistan. While Babar Azam, Mohammad Rizwan, and their teammates face personal losses, the broader lesson is institutional: elite athletes need structural support to navigate the complex world of finance. As the PCB’s investigation unfolds, the hope is not just for justice, but for systemic change that prevents such exploitation from ever happening again.

Sources

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