The Gulf nations do this in most of the sports. Even in the Olympic games, countries such as Qatar usually fields mercenary athletes from Africa and the former USSR. But the catch here is that the other sports have strict quotas for such athletes, while in cricket you can easily form a "national team" without a single citizen. Look at basketball for example. Citizenship is mandatory, and on top of that there is an additional condition that the number of naturalized citizens should not be more than one.
So its basically International Basketball federation (FIBA) who is regulating this citizenship act in basketball. What is ICC doing in this regard in cricket? Clearly they are silent. Only gulf countries do this shameless act of making national team by hiring players from South Asia. IMO no other country is adopting such model.