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FIA Summons the Owners Of a Money Exchange Over an Illegal Transfer Of US$63 Millions
Money exchange businesses and currency dealers have been summoned by the Federal Investigation Agency (FIA) for allegedly trading 63 63 million without informing the State Bank of Pakistan (SBP).
According to sources close to the investigation, the FIA has traced thousands of dollars worth of transactions between money exchange companies and buyers worth less than Rs 35,000.
This amount has been deliberately kept below Rs 35,000 to avoid the radar of the State Bank of Pakistan.
An integrated technique was used to store cash, which was also used in money laundering. A fabricated method was used to transfer وں 100 million to 500 buyers.
The FIA has raided several money exchange firms to curb the illegal transfer of foreign exchange in the face of rising demand for the US dollar.
The Federal Investigation Agency (FIA) on Monday arrested eight people on charges of being involved in smuggling millions of rupees in foreign currency.
The Commercial Banking Circle of the Federal Investigation Agency raided a money exchange firm in the Saddar and Gulshan-e-Iqbal areas of Karachi and nabbed a group involved in illegal ‘hawala and hindi’ transactions.
During the raids in Karachi, the FIA team also found local and international cash in the custody of the accused. Mobile phones, computers and other documents were also seized.
The arrested suspects include company director Mohammad Yaseen, manager Mohammad Adnan, Mohammad Meraj, Osama, junior officer Fahad Lamda, Mohammad Athar Mehboob, and cash carriers Saifuddin and Sanaullah.