Wednesday October 27, 2021

Foreign currency seized from money changer’s house

October 15, 2021

LAHORE : The FIA on Thursday raided house of a money changer Shoaib Butt in Johar Town over the charges of money hoarding and laundering. It’s learnt that ledgers and a huge amount of foreign currency were seized during the raid.

This raid was conducted in connection to ongoing investigation of the FIA against 100 individuals for allegedly buying over $63m from different exchange companies in Lahore that are believed to have been either smuggled or hoarded during the last 45 days.

Earlier, the FIA had sent notices to different money changers asking them to appear before the investigators for their alleged involvement in buying US dollars in a structured

manner keeping each transaction either below $35,000 or $50,000 to evade statutory due diligence protocols, which is leading to dollar-hoarding, money laundering and illegal outward flight and smuggling.