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Despite its formal removal from the Financial Action Task Force (FATF) grey list in 2022, Pakistan’s deep state continues to foster and finance terror networks under the radar, this time, using the country’s growing digital payment infrastructure. A multi-agency Indian intelligence dossier has now revealed how Jaish-e-Mohammed (JeM), with logistical support from Pakistan’s Inter-Services Intelligence (ISI), has shifted to a digital hawala network, raising over PKR 3.91 billion through mobile wallets such as EasyPaisa and SadaPay.
From Sanctions to Smartphones
Back in 2019, to avoid blacklisting by FATF, Pakistan launched a carefully curated crackdown on terror financing. Key JeM leaders, Masood Azhar, his brothers Rauf Asghar and Talha Al Saif, were placed under watch. Their bank accounts were frozen. Donations in cash and animal hides were prohibited. JeM’s headquarters, Markaz Subhanallah, was officially brought under state control. It led to Pakistan being taken off the grey list three years later.
But behind the scenes, a digital parallel was being quietly built.
JeM and ISI reportedly transitioned to using mobile wallets outside the conventional banking network. These apps allow peer-to-peer transfers and wallet-to-cash conversions, making them difficult to track via international financial surveillance tools such as SWIFT. As a result, Pakistan was able to show FATF clean bank records, while JeM’s real funding channels remained hidden in plain sight.
Operation Sindoor Disrupts – but Doesn’t Dismantle – JeM
India launched Operation Sindoor, targeting five key JeM sites inside Pakistan-occupied territory. The offensive destroyed Markaz Subhanallah, JeM’s operational HQ, along with camps in Muzaffarabad and Kotli. Fourteen militants, including close relatives of Masood Azhar, were killed. Yet, within days, JeM launched a massive fundraising campaign to build 313 new markaz (religious centres) across Pakistan.
Each facility, according to JeM appeals, would cost PKR 12.5 million. Collectively, the campaign aims to raise PKR 3.91 billion, or roughly Rs 117 crore. These centres, under the guise of religious institutions, double as training camps, recruitment hubs, and safe houses.
One SadaPay wallet is linked to Talha Al Saif, Masood Azhar’s brother, via a mobile number registered to JeM’s Haripur commander Aftab Ahmad. Another EasyPaisa account, associated with Azhar’s son Abdullah, uses a separate number registered in Khyber Pakhtunkhwa.
A third wallet belongs to Syed Safdar Shah, a JeM fundraiser operating near Mansehra, also collecting contributions via EasyPaisa. Intelligence inputs confirm that more than 250 digital wallets are currently active in this fundraising campaign.
One audio appeal from Talha Al Saif, recorded on 15 August and circulated through JeM’s MSTD Official Telegram channel, urges supporters to donate PKR 21,000 per person. The audio was allegedly delivered during a gathering at Markaz Usman-o-Ali, now believed to be Azhar’s new base after the 7 May strikes.
The Numbers Game: Overstated Costs, Undisclosed Weapons
While JeM claims each markaz will cost PKR 12.5 million, intelligence estimates suggest smaller facilities like Markaz Bilal could be built for under PKR 5 million. If only 3–4 large centres cost up to PKR 100 million, and the rest are smaller setups, the actual construction cost totals closer to PKR 1.23 billion. That leaves a surplus of over PKR 2.6 billion, likely to be diverted for weapons procurement, luxury goods, and militant salaries.
Al Rahmat Trust: Still in Business
Despite bans, Al Rahmat Trust, JeM’s charitable front, remains active. An account at the National Bank of Pakistan in Bahawalpur, under the name Ghulam Murtaza, continues to receive donations. Operators include Mohammad Ismail, Farooq of Lahore, and Fazal-ur-Rehman of Chitral, all linked to the Azhar family.
Digital Hawala: A New Financial Frontier for Terrorism
JeM is now believed to operate over 2,000 digital wallets, many of which are recycled every 3–4 months. Large funds are moved through core wallets and split across smaller accounts to avoid traceability. Wallets linked to Gaza aid are also being run by Hammad Azhar, Masood Azhar’s son, under pseudonymous numbers.
Strategic Blueprint: Why 313 Markaz?
JeM’s plan to build 313 centres is not just symbolic; it’s strategic. The move mirrors Lashkar-e-Taiba’s decentralised model, allowing JeM to spread its infrastructure thin across the country, making surgical strikes ineffective.
Further, 3–4 large markaz will likely serve as safe houses for the Azhar family, ensuring they stay hidden while Pakistan continues to deny Masood Azhar’s presence on its soil.
Time to Reopen FATF Investigations?
With digital platforms being weaponised for terror financing, the international community must reassess Pakistan’s FATF compliance claims. JeM’s digital hawala network has not only revived its fundraising but also made its operations stealthier and more scalable.
If unchecked, the PKR 3.91 billion campaign could fuel a new generation of militancy, with 313 training camps, a fortified arms cache, and an online fundraising model that’s immune to sanctions.
Team BharatShakti
