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Dollar hoarding: FIA recovers billions of rupees from money exchanges

Dollar hoarding: FIA recovers billions of rupees from money exchanges
April 7, 2019
LAHORE (92 News) – The Federal Investigation Authority (FIA) on Sunday carried out a raid at various money exchanges company and recovered billions of rupees in Lahore over dollar hoarding. According to the reports, the FIA raided two illegal money exchanges and arrested accused over speculative currency trading in various areas of Lahore. It was reported that the law enforcement agency arrested suspects allegedly involved in dollar hoarding and money laundering. According to the Interior ministry raids were conducted in the wake of surge in US dollar rate against Pakistani Rupee. The FIA team recovered Rs38.6 million from the custody of arrested accused. Investigation into the matter was underway. It also said that the apprehended suspects include Hassan Ghulam Ghous and Umer Dar. The arrested suspects were involved in dollar hoarding which led to the devaluation the rupee. On the other hand, the cases were registered against the accused and investigation was also underway.
Govt directs FIA to launch operation against Dollar hoarding
A day earlier, the government has directed Federal Investigation Agency (FIA) to launch a full fledged operation against dollar hoarding, and speculative currency trade on Friday.

Minister for Information and Broadcasting Chaudhry Fawad in a tweet said the operation is being launched in coordination with State Bank and Ministry of Finance.

The decision by the government comes at a time of rupee’s weakening against the dollar. At present the US dollar is being traded in the open market at Rs142.10, resulting into enormous pressure on the financial authorities. The move is seen by many as an attempt to ease this pressure and save rupee from further devaluation.
Shehbaz, his family owns assets worth of Rs85 billion in UK: Fawad
Earlier, Minister for Information Fawad Chaudhry has said that Opposition Leader in Punjab Assembly Hamza Shehbaz Sharif and his family are involved in money laundering of about 100 billion rupees abroad.