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 approximately Rs 2.89 billion during an operation against illegal hawala and hundi networks in the city, officials said.
The raid comes as part of a nationwide crackdown on 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 task force consisting of the State Bank of Pakistan and the Federal Investigation Agency. The group will regularly review progress in curbing illicit 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 currency 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: Government 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 Mochko Police Station area. Authorities said the Iranian currency equivalent to around Rs 2.89 billion was recovered from his possession.
Officials also seized a cell phone that contained records of suspected illegal transactions. Preliminary investigation of the unit revealed evidence related to buying and selling of foreign currency as well as hawala and hundi activities.
The suspect along with the recovered currency and evidence have been shifted to FIA Commercial Banking Circle in Karachi. Further investigation into the case is underway.
