FIA seized foreign currencies worth around Rs 2.89 billion, arrested suspect in Karachi PHOTO: EXPRESS
KARACHI:
The Federal Investigation Agency (FIA) on Sunday seized foreign currencies worth around Rs 2.89 billion in an operation against illegal hawala and hundi rings in the city, officials said.
The raid is part of a national crackdown on money laundering and hawala/hundi networks operating across the country, announced on Tuesday and approved, with authorities reiterating that “hawala/hundi activities would not be tolerated under any circumstances”.
The meeting also approved the formation of a joint task force comprising the State Bank of Pakistan and the Federal Investigation Agency. The group will regularly review progress made in combating illegal financial flows.
According to an FIA spokesperson, Karachi’s Commercial Banking Circle carried out the operation as part of an ongoing crackdown on illegal informal money exchange and transfer schemes. The raid was carried out on the directives of the Karachi Zonal Director and under the supervision of a Deputy Director.
Read: Government approves crackdown on hawala and money laundering networks
During the operation, a suspect identified as Abdul Rehman, son of Sultan Muhammad, was arrested in the Mochko police station area. Authorities said Iranian currency equivalent to around 2.89 billion rupees was recovered from his possession.
Authorities also seized a cellphone containing records of suspected illegal transactions. Preliminary examination of the device revealed evidence related to the purchase and sale of foreign currencies as well as hawala and hundi activities.
The suspect, along with the recovered currencies and evidence, were transferred to FIA Commercial Banking Circle in Karachi. Further investigation into this matter is underway.
