FIA unearths vast network of illegal currency dealers in Karachi
By News Desk
November 18, 2023 05:30 PM
The Federal Investigation Agency (FIA) has successfully dismantled a widespread network of illegal currency dealers in Karachi.
The crackdown led to the arrest of two key accused, Ahmed Raza and Faizan Raza, who were actively engaged in the illegal buying and selling of foreign currency within the precincts of Bolton Market, according to FIA officials.
The accused were apprehended for conducting foreign currency transactions without the required approval from the State Bank. Their operations were cleverly camouflaged under the guise of a prize bond business, a method used to evade regulatory scrutiny.
During the raid, FIA officials recovered currency from over 30 countries in the possession of the accused. The seized currencies included prize bonds, Indian Rupees, Iranian Rials, Iraqi Dinars, Saudi Riyals, Qatar Riyals, Euros, German Marks, Norwegian Kroners, and more. The illegal export of these currencies was also exposed during the operation.
The FIA's efforts in unraveling this illegal currency network underscore the magnitude of the operation. The search for additional accomplices involved in the network is currently underway, as authorities aim to dismantle the entire operation and bring those responsible to justice.