Two suspects held for illegal currency exchange business

The Federal Investigation Agency (FIA) on Thursday arrested two suspects accused of illegal currency exchange under the cover of operating a jewellery shop in Clifton.

The arrests were made by the FIA's Corporate Crime Circle during a raid at a jewellery shop. The detained individuals, identified as Mumtaz Shaukat and Khalid Ayub, were found in possession of $40,000 and 2.3 million Pakistani rupees. According to an FIA spokesperson, the suspects had been running an unauthorised foreign currency exchange operation while presenting themselves as a legitimate jewellery business. They were also discovered to be trading gold using foreign currency.

The suspects were operating without the necessary currency exchange licence and failed to provide satisfactory explanations for the origin of the seized funds. The operation was initiated following a tip-off. A case has been registered against the suspects, and further investigations are ongoing, the FIA spokesperson confirmed.