Hawala, Hundi network busted, Rs5bn transactions detected

KARACHI: The Federal Investigation Agency (FIA) claimed on Monday to have busted a network of people involved in the illegal hawala and hundi business.

According to a spokesperson for the FIA, seven members of the network involved in illegal money trade in Karachi, Lahore and Quetta have been apprehended.

Also Read: FIA arrests suspect involved in hawala, hundi business in Karachi

The detained suspects were identified as Sajid Ismail, Kalam Badshah, Saqib Ahmed, Raza, Zulfiqar Ali, Nauman, and Shafiq.

The spokesperson revealed that a whopping Rs4.96 billion worth of transactions were carried out through four bank accounts owned by Waris Khan, the owner of a private firm.

Also Read: FIA recovers Rs150mn in crackdown on Hawala, Hundi

Three members of the network, Awal Khan, Waris and Taimur Khan, are on the run.

An FIR has been registered against the suspects. The FIA has obtained physical remand of the arrested suspects until Jan 6 for investigation.