FIA seized foreign currency worth approximately Rs 2.89 billion and arrested a suspect in Karachi PHOTO: EXPRESS
KARACHI:
The Federal Investigation Agency (FIA) on Sunday seized foreign currency worth about Rs 2.89 billion during an operation against illegal hawala and hundi networks in the city, officials said.
The raid is part of a nationwide crackdown on money laundering and hawala/hundi networks operating across the country, announced on Tuesday and approved, with authorities reiterating that “the hawala/hundi business 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 periodically review progress on matters related to the fight against illegal financial flows.
According to an FIA spokesperson, the Karachi Commercial Banking Circle carried out the operation as part of an ongoing crackdown on illegal currency exchange and informal money transfer systems. 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, money laundering networks
During the operation, a suspect identified as Abdul Rehman, son of Sultan Muhammad, was arrested from the Mochko police station area. Authorities said Iranian currency equivalent to around Rs 2.89 billion was recovered from his possession.
Officials also confiscated a mobile phone containing records of allegedly illegal transactions. Preliminary examination of the device revealed evidence related to the purchase and sale of currency, as well as hawala and hundi activities.
The suspect, along with the recovered money and evidence, has been transferred to the FIA Commercial Banking Circle in Karachi. Further investigations into the case are underway.
