FIA seizes foreign currency worth millions in action against hawala, hundi network

The Federal Investigation Agency (FIA) has seized foreign currency worth millions of rupees and arrested two suspects during a major operation against an illegal hundi, hawala and unlicensed currency exchange network in Karachi.

According to a spokesperson for the FIA, the Corporate Crime Circle Karachi conducted a raid in the parking area of Jinnah International Airport and arrested two suspects identified as Usama Abid and Mehmood Butt.

The agency recovered USD 100,000 equivalent to over Rs28 million from their possession. The suspects were allegedly running an unlicensed foreign currency exchange business. Officials said mobile phones and other evidence related to illegal financial transactions were also seized during the raid.

The arrested men failed to provide a satisfactory explanation for the recovered currency. The FIA has registered a case and launched an investigation, while raids are under way to arrest their accomplices.