FIA arrests three accused in raids at three illegal money exchanges  

ISLAMABAD: The Federal Investigation Agency (FIA) on Sunday raided three illegal money exchanges and arrested three accused over speculative currency trading in various areas of Lahore, ARY News reported.

According to the Interior ministry raids were conducted in the wake of surge in US dollar rate against Pakistani Rupee.

The FIA team recovered Rs. 400 million from the custody of arrested accused. Investigation into the matter was underway.

Yesterday, Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain had said the government has directed the Federal Investigation Agency (FIA) to launch a full- fledged operation against dollar hoarding, and speculative currency trade.

In a tweet on his social media account, he said the operation was being launched in coordination with State Bank of Pakistan and Ministry of Finance.

Earlier, on April 5, Minister for Finance Asad Umar had clarified there was no reason now to further -devalue the rupee.

Read more: We are weakening economy by investing in dollar: president Forex Association

Addressing a ceremony held at Pakistan Stock Exchange in Karachi through a video link from Islamabad, Umar warned the investors not to waste their precious money in procuring dollars as the rupee was not going to be further devalued.

He said in the past, the rupee had been kept overvalued artificially which badly affected the country’s economy.