Death – Obituary – Accident and Crime News : FIA Banking Circle Apprehends Suspected Leader of Illegal Currency Exchange in Karachi
KARACHI: The FIA Banking Circle has made a significant breakthrough by arresting an individual involved in operating an illegal hawala hundi and currency exchange in the Old City area. The accused, identified as Noor Muhammad, was apprehended from the Garden East area during a targeted operation conducted on Saturday.
According to the FIA spokesperson, Noor Muhammad is believed to be the main leader of the gang responsible for running the unlicensed currency exchange. The arrest comes as a major blow to the illegal currency trading network, which has long been a cause for concern for law enforcement agencies.
During the operation, the FIA raiding team recovered a substantial amount of local and foreign currency. The seized items included 2,600 US dollars, 650 UAE dirhams, and a staggering 3.1 million Pakistani rupees. The authorities also confiscated two mobile phones, several hawala hundi registers, and messages related to the illegal activities.
The accused, however, failed to provide a satisfactory explanation regarding the recovered currency during the interrogation. As a result, a thorough investigation has been initiated to uncover the extent of the gang’s operations and to identify and apprehend other members involved.
The FIA’s successful operation is a significant step towards curbing the illegal currency exchange networks that facilitate money laundering and other illicit activities. Such unregulated exchanges pose a grave threat to the country’s financial system and undermine its stability.
The FIA and other law enforcement agencies are determined to dismantle these illegal networks and bring those responsible to justice. Raids and operations will continue to be conducted in order to apprehend all individuals involved and put an end to their illegal activities.
The arrest of Noor Muhammad sends a strong message to those engaged in illegal currency exchange that their actions will not go unpunished. The FIA remains committed to ensuring the integrity of Pakistan’s financial system and will take all necessary measures to combat money laundering, corruption, and other financial crimes.
Published in The Express Tribune, December 3rd, 2023.