KARACHI: The Federal Investigation Agency's (FIA) Corporate Crime Circle raided a jeweller's store and busted an illicit foreign exchange operation early on Thursday morning in Clifton Block 6, Karachi.
FIA Karachi Director Nauman Siddiqui stated that during the raid at the jewellry store, $40,000 and Rs2.3 million cash were impounded. Allegedly, the store was trading Pakistani cash and gold for foreign currencies without permission.
Authorities also confiscated mobile phones and documents containing key records. The shop owner, Mumtaz Shaukat, and his associate, Khalid Ayub, were arrested at the scene.
In a significant move against illegal financial activities, the FIA on November 7 had also conducted three raids in Karachi, targeting hawala-hundi operators.
The raids led to the seizure of Rs25 million in cash, along with prize bonds, cheques, computers, and mobile phones, the agency had said.
It had added that five suspects were arrested in connection with the illegal currency transfers.
According to Siddiqui, the FIA’s Corporate Crime Circle had led the operations. The first raid had taken place at a building on Shahrah-e-Millat, where officials apprehended Asif Ashraf, a travel agency owner, and hawala dealer Shayan Wahid, he had added.
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