FIA continues crackdown against illegal money changers

KARACHI: The Federal Investigation Agency (FIA) has arrested four suspects across the country in crackdown against illegal money changers and hundi and hawala dealers, ARY News reported on Wednesday.

According to details, the FIA continued its crackdown against illegal money changers and hawala dealers, arresting three suspects in Chaman District of Balochistan and one in Karachi.

In separate raids, the investigation authority arrested three suspects reportedly involved in hundi and hawala and illegal money exchange businesses.

The arrested suspects were identified as Abdul Hakeem, Naik Muhammad, Nazar Gul. The raiding teams also recovered foreign and domestic currencies from possessions of arrested suspects.

Meanwhile, the FIA’s Corporate Crime Circle conducted a raid at Karachi’s Gurumandir area and arrested a suspect – identified as Ateeq – involved in hundi and illegal money exchange businesses.

The raiding team recovered Rs0.5 million, $2000, two mobile phones, and laptop from the possession of suspect. A case has been registered against the suspect under Foreign Exchange Regulation Act (FERA).

A day earlier, the Federal Investigation Agency (FIA) Corporate Crime Circle rounded up two money changers, who were involved in ‘illegal’ trading in separate raids in Lahore.

According to FIA officials, accused Shafqat Ali and Shafqat were selling and buying foreign currency without a license. Rs4.5 million, foreign currency, and prize bonds were recovered from their custody. The accused were said to be an important member of the hawala, hundi gang operating from Dubai.

It is pertinent to mention here that the government directed the FIA to conduct an ‘immediate crackdown’ against illegal money changers and hawala and hundi operators in a bid to control the continuous devaluation of Pakistani rupee against dollar.