FIA arrests four in crackdown on illegal currency exchange operations

KARACHI: The Federal Investigation Agency’s (FIA) Anti-Corruption Circle and State Bank Circle Karachi conducted joint operations and arrested four suspects allegedly involved in hawala/hundi and illegal currency exchange activities.

According to an FIA spokesperson, the arrested suspects — Mustafa, Shakeel, Imdad Ali, and Kashif Ghori — were apprehended from Garden New Challi Road and Cantonment Station areas of Karachi.

The FIA said the suspects were engaged in unauthorised foreign exchange transactions without valid licenses. During the raids, officials recovered a substantial amount of local and foreign currency from their possession.

From Shakeel and Mustafa, officials seized Rs6 million, while Imdad Ali and Kashif Ghori were found carrying 15,000 Saudi riyals, 4,970 UAE dirhams, and 22 million Iranian rials. Additionally, the FIA recovered 400 US dollars, 96 Omani rials, 160 Thai baht, 100,000 Uzbek soms, 49,500 Iraqi dinars, 15 Chinese yuan, 93 Malaysian ringgit, and Rs800,000 in local currency.