Hawala case: SHC dismisses FIA appeal against acquittal of Kalia directors

KARACHI: The Sindh High Court on Wednesday dismissed Federal Investigation Agency's appeal against the acquittal of forex company Khanani and Kalia directors in Hawala case. The forex company Khanani and Kalia (Kand K) directors Hanif S Kali, Abdul Munaf Kalia, Javed Khanani, Altaf Khanani, Atif Aziz Polani, Abdul Aziz Polani, Javed Qasim, Amir Zakaria, Iqbal Kasbati were acquitted by the trial court on October 29, 2013. They were booked by the FIA on a complaint of the State Bank of Pakistan for running illegal foreign exchange company and parallel banking channel.

According to the FIA case, the K&K directors illegally transacted foreign exchange worth billions of US dollars in collusion with different exchange companies, money changers and businessmen.

The FIA alleged that the defendants fraudulently created replica website clik.pk.net without informing the SBP to illegally transfer money from and outside Pakistan. They also set up offices at foreign destinations and appointed Atif Polani and Javed Qasim as focal persons to execute the illegal transactions.