FIA arrests man for running illegal currency exchange network

The Federal Investigation Agency’s (FIA) Corporate Crime Circle Karachi has arrested a suspect and seized a large amount of foreign and local currency during a raid in the city.

According to FIA officials, the suspect, identified as Bilal Ahmed, was allegedly operating a well-organized gang involved in illegal currency exchange activities under the guise of a jewellery business. The arrest was made during a raid at a shop in the Kharadar Gold Market.

An FIA spokesperson revealed that the raid resulted in the confiscation of significant amounts of cash, including $13,000, 7,000 UAE Dirhams, 6,000 Saudi Riyals, 1,000 Canadian dollars, and over 10.2 million in local currency. Mobile phones and documents related to the illegal currency exchange network were also seized.

The operation was carried out on the directives of the Director Karachi Zone following a credible tip-off. Officials stated that the suspect failed to provide satisfactory explanations regarding the source and purpose of the seized currency. Ahmed is currently in custody, and further investigations are underway. The FIA has also launched additional raids to apprehend other members of the illegal network.