FIA summons money exchange owners over illegal transfer of US$63 mn

LAHORE: Federal Investigation Agency (FIA) has summoned money exchange companies and currency dealers over alleged trade of US$63 million without bringing into the knowledge of the State Bank of Pakistan (SBP), ARY NEWS reported.

According to sources privy to the investigation process, the FIA has detected thousands of US$ transactions between money exchange companies and purchasers below a value of Rs35,000.

“The amount is intentionally set below Rs35,000 to avoid a State Bank of Pakistan radar,” they said adding that thousands of such transitions amounting to US$63 million have been made to over 100 purchasers through a structured mechanism.

A coordinated mechanism was adopted to hoard dollars, which was also used in money laundering practice, transferring US$100 million to 500 buyers through a structured process.

In the wake of rising demand for the US dollar, the FIA has raided various money exchange companies to stem illegal transfer the foreign exchange.

The Federal Investigation Agency (FIA) on Monday arrested eight suspects over their alleged involvement in the smuggling of foreign currencies worth millions of rupees.

The Commercial Banking Circle of Federal Investigation Agency raided a money exchange company in Karachi’s Saddar and Gulshan-e-Iqbal area and busted a gang involved in illegal business of ‘hawala and hundi’.

The FIA team also recovered local and foreign currency from the possession of suspects during Karachi raids. Mobile phones, laptops and other documents were also seized.

The arrested suspects include Company Director Mohammad Yaseen, Manager Mohammad Adnan, Mohammad Meraj, Osama, Junior Officer Fahad Lamada, Mohammad Athar Mehboob and cash carriers Saifuddin and Sanaullah.