FIA arrests four in Karachi over illegal currency trade; 1.4bn Iranian tomans recovered

The Federal Investigation Agency (FIA) has arrested four suspects in Karachi for their alleged involvement in illegal foreign currency trading, recovering large sums of Saudi riyals and Iranian currency during a raid, the 24NewsHD TV channel reported on Wednesday.

According to an FIA spokesperson, the operation was carried out by the Corporate Banking Circle (CBC) Karachi on the directives of the Director Karachi Zone. The raid was conducted at a flat in Five Star Plaza, located in Gulshan-e-Iqbal Block 13-C.

Officials said the suspects were engaged in the unlawful buying and selling of Iranian rials and Saudi riyals. Those arrested have been identified as Syed Manzar Abbas Naqvi, Muhammad Kashif, Wasee-ur-Rehman and Shamim Raza.

The spokesperson added that the accused confessed to their involvement in the illegal business at the scene. Authorities recovered 35,500 Saudi riyals along with approximately 1.4 billion Iranian tomans from their possession.

In addition, four mobile phones and a laptop were seized during the operation as part of the investigation.

The suspects have been shifted to the FIA CBC police station, where a case has been registered against them under FIR No. 25/2026. Further investigations are under way.

Reporter: Dure Shahwar