The Federal Investigation Agency (FIA) has arrested four suspects allegedly involved in hawala, hundi, and illegal currency exchange operations during coordinated raids in Quetta and Gwadar.
According to FIA officials, the agency’s Commercial Banking Circle in Quetta and Composite Circle in Gwadar launched the operation after receiving intelligence reports about illicit money transfer activities. The raids were conducted on Friday, resulting in the detention of Haji Sharif, Abdul Rehman, Riaz, and Nazeer Ahmed.
Illegal Currency and Documents Seized
During the raids, FIA teams recovered a significant amount of foreign and local currency, including $1,072, 5,770 Afghanis, 2,485 Turkish lira, 900,000 Indochina rupees, 5.3 million Iranian rials, and 2.7 million Pakistani rupees.
In addition, investigators seized mobile phones and 23 cheque books belonging to various commercial banks, believed to have been used in the illegal transactions.
Unlicensed Operations Under Probe
A senior FIA official confirmed that all four individuals were operating unlicensed currency exchange businesses in violation of financial regulations. The official added that the suspects were facilitating hawala and hundi transfers, bypassing the formal banking system.
He further stated that “further investigation is ongoing to trace the wider network involved in these illegal transactions.”
Continued Crackdown
The FIA has intensified its nationwide crackdown on illegal money transfers, aiming to curb financial crimes that undermine Pakistan’s economy and foreign exchange regulations. Officials reaffirmed that strict action will continue against those engaged in unauthorised currency exchange and informal remittance networks.
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