FIA seized foreign currency worth approximately Rs2.89billion and arrested a suspect in Karachi PHOTO: EXPRESS
KARACHI:
The Federal Investigation Agency (FIA) on Sunday seized foreign currency worth approximately Rs2.89billion during an operation against illegal hawala and hundi networks in the city, officials said.
The raid comes as part of a nationwide crackdown against money laundering and hawala/hundi networks operating across the country, announced on Tuesday, approved, with authorities reiterating that the “business of hawala/hundi would not be tolerated under any circumstances”.
The meeting also approved the formation of a joint working group comprising the State Bank of Pakistan and the Federal Investigation Agency. The group will regularly review progress on matters related to curbing illegal financial flows.
According to an FIA spokesperson, the Commercial Banking Circle in Karachi carried out the operation as part of an ongoing crackdown on illegal foreign exchange and informal money transfer systems. The raid was conducted on the directives of the Director Karachi Zone and under the supervision of a deputy director.
Read: Govt approves crackdown on hawala, money laundering networks
During the operation, a suspect identified as Abdul Rehman, son of Sultan Muhammad, was taken into custody from the Mochko Police Station area. Authorities said the Iranian currency equivalent to around Rs2.89b was recovered from his possession.
Officials also seized a mobile phone containing records of suspected illegal transactions. Preliminary examination of the device revealed evidence related to the buying and selling of foreign currency as well as hawala and hundi activities.
The suspect, along with the recovered currency and evidence, has been shifted to the FIA Commercial Banking Circle in Karachi. Further investigation into the case is underway.
