Two men arrested for running illegal remittance business

The State Bank Circle of the Federal Investigation Agency Sindh carried out two raids against operators involved in the illegal business of money transfer through hawala and hundi.

The spokesman for the FIA Sindh said a raid was conducted at the office of a company running the illegal business of hawala and hundi under the guise of so-called business in the name and style of the M/s Asif Brothers, Shop No7, Ground Floor, R T Centre, Boulton Market, Karachi.During the raid, the FIA seized two cell-phones and RMB Bank deposit slips through Telegraphic Transfer (TTs) amounting to RMB357,525, equivalent to Rs8,512,670, regarding hundi and hawala from Muhammad Ikhlas Younus.

A first information report No 6/2020 has been registered at the FIA, SBC, Karachi against the suspect, Muhammad Ikhlas Younus, son of Muhammad Younus under Section 23 of the Foreign Exchange Regulations Act, 1947 read with Section 109 of the PPC. The suspect, a hawala operator, has been taken into custody.

Another raid was conducted at the office of Noman Ahmed running the business of hawala and hundi at Shop No39, Ground Floor, Yousuf Plaza, Boulton Market, Karachi. During the raid, the FIA seized a cell-phone containing incriminating material related to TTs & RMB, foreign currency $1,796, Saudi Riyal 2,263, RMB 4,350 and Rs445,000 from the possession of Noman Ahmed, son of Muhammad Ahmed.

An FIR No 7/2020 has been registered at the FIA, SBC, Karachi against the suspect under Section 23 of the Foreign Exchange Regulations Act, 1947 read with Section 109 of the PPC. Earlier suspect Noman Ahmed was also arrested by the FIA’s Commercial Banks’ Circle Karachi in FIR No 14/2018, the spokesman said. “He was on bail granted by a local court Karachi. He is a habitual offender of hundi and hawala crime,” the spokesman said.