FIA busts money laundering network in Karachi

KARACHI: The Federal Investigation Agency (FIA) has busted a money laundering network in Karachi during a raid conducted in a residential building situated on Shaheed-e-Millat road, ARY News reported on Friday.

The FIA Sindh Director Munir Ahmed Shaikh told media that the intelligence agency bust a major money laundering network in Karachi. He said that a raid was carried out on a residential building over being spotted by an accused man, Abdul Jabbar Memon.

The raiding team recovered a huge quantity of gold, foreign currency, documents of houses and vehicles. Shaikh detailed that the seized gold and foreign currencies including British Pound, Saudi Riyal, Qatari Dirham, US Dollar worth more than Rs150 million.

Read: FIA traces gang of ATM hackers in Rawalpindi

Moreover, the officials also confiscated other assets including a computer, registration book of vehicles and property records, he added.

Earlier in July, the Federal Investigation Agency (FIA) had intensified its crackdown against money laundering and seized currency worth Rs9.2 million, laptops besides arresting two suspects during a raid at an alleged hundi network in Karachi,

The director of FIA Sindh chapter, Munir Ahmed Shaikh, had said that a hundi network was unearthed by the intel agency during a raid in Karachi’s Kharadar area.

Read: Two arrested over ‘hundi’ business in Karachi

The raiding team had confiscated Rs9.2 million worth currency, five mobile phones, three laptops and transaction records including slips, cheque books with signatures and stamps.

Shaikh said that the culprits laundered money worth million through illegal sources, whereas, more raids are being carried out to arrest their accomplices.

The FIA Sindh director had detailed that 20 deposit slips, 100 receipts of different banks, 15 cheque books, 50 open cheques with signatures and rubber stamps of 10 companies from the possession of the suspects. Moreover, the officials have also gotten important information from the mobile phones of the detained suspects. A case had been filed against the accused persons for running a hundi network.