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January 12, 2019

FIA books two men in money laundering case

Karachi

January 12, 2019

The Federal Investigation Agency (FIA) on Friday claimed to have busted a network of Hawala/Hundi during its ongoing operation against money laundering.

The spokesman for the FIA Sindh said that, in pursuance to the directives issued by the director of the FIA Sindh regarding a crackdown against operators of Hundi/Hawala, all the field units had been directed to track down the culprits involved in the illegal business of Hundi/Hawala.

Sources were deployed in the city to gather information about these unscrupulous elements. An FIA team on Friday conducted a raid on a 1st floor shop in Adam Arcade in Block 2 of PECHS, Shaheed e Millat Road, Karachi, and seized incriminating material, including deposit slips, ledgers of Hawala entries, cheque books and a USB containing software for maintaining Hawala transactions and Rs2,894,000 in cash.

Resultantly, an FIR No. 02/2019 was registered at the FIA State Bank Circle, Karachi, upon a written complaint of the SBP against two persons, Muhammad Madni Raza, son of Muhammad Faisal (owner), and Muhammad Sheheryar, accountant.

Sheheryar has been arrested. Both persons are involved in making Hawala payments to Dubai and other countries and also making Hundi payments in bank accounts within Pakistan against the adjustment of Hawala payments under the garb of travel agency, namely Uniworld Travels and Tourist Pvt. Ltd.

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