FIA confiscates Rs25mn cash during operation against hawala, hundi

KARACHI: Targeting hawala-hundi operators, the Federal Investigation Agency (FIA) carried out three raids during wee hours in Karachi in a significant move against illicit money transactions.

In addition to prize bonds, cheques, computers and cell phones, the FIA said that Rs25 million in cash were also seized during the raids.

Five people were apprehended for involvement in the illicit financial transfers, the agency further stated.

According to FIA Karachi Director Nauman Siddiqui, the FIA’s Corporate Crime Circle led the operations. The first raid took place at a building on Shahrah-e-Millat, where officials apprehended Asif Ashraf, a travel agency owner, and hawala dealer Shayan Wahid.

Authorities recovered Rs22.5 million in cash, mobile phones, laptops, and documents detailing hawala-hundi transactions from the suspects.

Two additional raids, executed under court orders, took place in Garden West and Sharfabad areas.

Here, the FIA seized 117 signed cheques, prize bonds worth Rs61,000, and Rs4.7 million in cash. Two laptops, two computers, seven mobile phones, and other records related to hawala-hundi were also confiscated.

Further investigations revealed that suspects Muhammad Owais, Aqeel Sameer, and Javed were managing a hawala setup, transferring funds and making payments through a benami (undisclosed) company using third-party accounts.