FIA busts int’l network laundering money via fake companies

ISLAMABAD: The Federal Investigation Agency (FIA) has busted an international criminal network which was laundering money via fake companies besides arresting a key suspect, ARY News reported on Wednesday.

The Federal Investigation Agency (FIA) arrested a key suspect who was allegedly associated with an international money laundering network. The arrest was made in a raid conducted by the agency’s anti-money laundering cell.

The officials said that the arrested man was identified as Iftikhar Rasool – a resident of Garden Town – who is an important member of the global network. They said that Iftikhar Rasool established 41 fake companies to use their bank accounts for money laundering.

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They added that the agency also seized the records showing money laundering and illegal hawala hundi transactions worth millions which were made under the supervision of Iftikhar along with co-accused Qaiser Mushtaq and Asim Hussain.

In March, two suspects arrested by the Special Investigation Unit (SIU) made startling revelations about the fake currency business in Karachi.

During the investigation, the suspects revealed that a gang is running a fake currency business in Karachi. The arrested men also gave the names of 21 accomplices working in the gang.

The arrested men were identified as Imran and Shaheedullah. They disclosed that fake currency notes are circulating across the metropolis, adding that the gang members are printing fake currencies of different countries including US dollars, Saudi Riyals, British Pounds and UAE Dirhams.

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The accused also mentioned the name of the fake currency maker – Faizullah from Peshawar – said that fake currency was sold in Karachi’s Malir, Sarjani, Korangi, North Nazimabad and Lyari. He further revealed that the buying and selling of fake currency notes have also been done through social media platforms.

The accused also unveiled that some women were also included in the group while public transport was being used for the delivery of fake currency notes. The accused was caught selling fake notes worth Rs 100,000 for Rs 35,000 in Karachi.

After the sensational revelations, the Special Investigation Unit of the police accelerated the investigation.