Two held on charges of money laundering

The Federal Investigation Agency’s (FIA) Anti-Corruption Circle (ACC) on Saturday apprehended two suspects, Ahmed Raza and Faizan Raza, allegedly involved in money laundering.

Acting on the directives of FIA Director Zaim Iqbal Sheikh, the arrests were made under the supervision of Additional Director ACC Javed Baloch. The suspects were engaged in the unauthorised purchase of foreign currency, masquerading as a prize bond business without the approval of the State Bank of Pakistan.

Among the seized items are Rs800,000, prize bonds worth Rs150,000, and a substantial amount of currencies from over 30 countries, including the Indian rupee, Thai Baht, Indonesian Rupiah, Afghani, Vietnam Dong, Mozambique, Filipino Peso, Malaysian Ringgit, Iranian Riyal, Uzbek Som, Iraqi Dinar, Russian Ruble, Kenyan Shilling, Saudi Riyal, Qatari Riyal, Swiss Franc, Norwegian Krone, South Korean Won, German Mark, Mapdoves, Egyptian Pound, Costa Rican Colón, Lebanese Pound, Israeli Shekel, Nepali Rupees, Hong Kong Dollar, Bahraini Dinar, British Pounds, Euro, and Syrian Pound.

A case (32/2023) has been registered against the accused at the FIA Anti-Corruption Circle Karachi, with further investigations are in progress.