Three more arrested in money-laundering case

LAHORE : The Federal Investigation Agency on Saturday arrested three more persons from Faisalabad for their alleged connection with multibillion money laundering network.

The FIA arrested the alleged money launderers Usman Arshad, Muhammad Rashid and Muhammad Haseeb

Earlier, the FIA had arrested one Muhammad Younis and seized 100,000 Saudi Riyals from his possession. Accused Usman and others were involved in illegally selling foreign currency to Younis.

During investigations, it was revealed by Muhammad Younsi that that he was doing this illegal business of money laundering with Muhammad Saleem Sohl, a resident of Karachi. Saleem, who is reportedly in Dubai, travelled more than 900 times from Krachi to Dubai.

Accused Usman Arshad, Muhammad Rashid and Muhammad Haseeb are the owners of two foreign exchange companies namely Dollar Shop Currency Exchange Company and S S Currency Exchange Company, both located in Katchtehry Bazaar, Faisalabad.

During investigation, it was revealed that the licences of the companies issued by State Bank of Pakistan were expired.

Earlier, Younis had revealed that he along with other members of a criminal gang was involved in money laundering by purchasing the foreign currency from Faisalabad and then taking the money to Dubai from Karachi airport.

The accused had been taking the foreign currency amounting to 140-150 million Pakistani rupees every month from Karachi airport to Dubai for the last two years.

According to the FIA, the accused was a professional “carrier” involved in illegal flight of capital for money laundering from Pakistan to Dubai worth billions of rupees every year along with other mafia. FIR has been registered against the accused persons under Foreign Exchange Regulation Act & Anti-Money Laundering Act.