FIA apprehends suspect involved in hawala hundi business

PESHAWAR: Federal Investigation Agency (FIA) on Wednesday claimed to have arrested an individual for alleged involvement in hawala and hundi business, ARY News reported.

The accused was found to have connections with an international network engaged in illicit money exchange operations, according to FIA officials.

During the operation in Peshawar, crucial evidence pointing to international contacts was seized from the suspect’s mobile device. This evidence is expected to shed light on the extent of the accused’s involvement in the illegal currency exchange network.

The arrested individual, identified as Zahir Shah, was found to be conducting money-changing operations without a proper license, a violation of regulatory requirements.

Further complicating matters, the raid led to the recovery of a substantial amount of Rs two million from the accused’s possession.

Authorities have expressed dissatisfaction with Zahir Shah’s explanations regarding the origin and purpose of the currency found in his possession, raising additional suspicions regarding his activities.

The investigation has also uncovered several receipts related to Hawala and Hundi suggesting a potential code or reference used within the illegal currency exchange network.