FIA arrests Hawala-Hundi suspect in Karachi, recovers cash


FIA, federal investigation agency, suspect, hawala-Hundi, hundi, suspect
12 Apr, 2019 8:10 am

KARACHI (92 News) – The Federal Investigation Agency (FIA) arrested one man over involvement in Hawala-Hundi business from Karachi’s Saddar area.

According to the reports, the suspect was identified as Muhammad Khalid and he worked for a private trade company. The FIA raided his office in Saddar’s Kohinoor market and recovered more than Rs 4 million cash. The team also found cheques of Rs 10.5 million.

The raid was conducted by the FIA’s Commercial Bank Circle (CBC). The agency also collected evidence linked to the Hawala-Hundi business in terms of laptops and Chinese currency.

The investigators seized laptop, foreign currency and other documents from his office. However, the further investigation is underway.

It is worth mentioning here that the FIA has been taking actions against elements involved in the illegal business of hawala and hundi in different cities.

Dollar hoarding: FIA recovers billions of rupees from money exchanges

Earlier, the Federal Investigation Authority (FIA) 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.


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