In Karachi, Pakistan's economic capital and largest city, fear has become a commodity. In 2024, Forbes Advisor ranked Karachi as the second-most dangerous city in the world for tourists. Due to the ineffectiveness of law enforcement agencies in curbing this violence, private security companies are thriving and expanding their clientele beyond affluent residential areas to include schools, shopping malls and corporate headquarters. This rapidly expanding and largely unregulated private security sector is turning Karachi's chronic insecurity into a lucrative business. FRANCE 24's Shahzaib Wahlah, Sonia Ghezali and Ondine de Gaulle report.