FIA thwarts Rs26 mln money laundering bid in Karachi

KARACHI: Federal Investigation Agency (FIA) officials have foiled major bid of money laundering during their latest action carried out in Karachi, where they seized a huge amount of local and foreign currencies, ARY News reported on Tuesday.

FIA State Bank Circle officials have thwarted bid to launder money up to Rs26 million during the latest raids conducted in Saddar and I. I. Chundrigar Road areas of the metropolis.

According to reports, local currency up to Rs19.6 million and foreign currency worth up to 6.4 million was seized by the intel agency.

Read More: Zardari, Talpur challenge transfer of money laundering case to Rawalpindi in SHC

The raids have been conducted at offices of H&H Company while five accused persons including Hawala Hundi manager and its agent were arrested.

The raids are said to be a major action by the Federal Investigation Agency (FIA) ahead of the production of former president and Pakistan People’s Party (PPP) co-chairman Asif Ali Zardari, who has been accused in mega money laundering and fake accounts cases.

It is pertinent to mention here that H&H Company is being investigated by a Joint Investigation Team (JIT) over alleged connection into illegal transfer of money abroad.

Read More: Fake accounts case transferred to Islamabad from Karachi

Asif Ali Zardari, his sister Faryal Talpur and other accused are facing an inquiry into the money laundering scam involving over Rs35 billion money laundered through fake bank accounts.

Zardari’s close aides Hussain Lawai and Anwar Majeed are also being investigated in the scandal. They both are in custody.

A Joint Investigation Team (JIT) formed to probe into the mega money laundering scam submitted its report in the Supreme Court. The report revealed that 29 fake bank accounts had been identified, which were used for money laundering.