Two arrested for ‘running illegal forex business’

The Federal Investigation Agency’s (FIA) Commercial Banking Circle and State Bank Circle Karachi have arrested two suspects allegedly involved in illegal currency exchange and hawala/hundi operations.

According to an FIA spokesperson, the action was taken on the directives of the FIA director general as part of an ongoing crackdown on individuals operating illegal foreign exchange (forex) businesses.

The suspects, identified as Parvez Khanani and Imran Khan, were arrested during separate raids conducted at the Gul Plaza and on Tariq Road. The FIA said the suspects were running unlicensed currency exchange operations and were actively involved in hawala/hundi transactions.

A total of $30,500 were recovered from their possession, along with mobile phones and cheque books. Digital evidence related to illegal currency dealings was also seized. The FIA said the suspects failed to justify the recovered foreign currency during questioning. A formal investigation has been launched, and raids are under way to arrest their accomplices.