The Federal Investigation Agency (FIA) has seized over Rs 15 million (US$55,000) worth of foreign currency during a crackdown against illegal hawala-hundi and unlicensed currency exchange operations in Karachi.
According to an FIA spokesperson, the operation was conducted by the FIA State Bank Circle Karachi on the instructions of the Director General (DG) FIA. The FIA arrested suspect Bilal Saleem during a raid in Clifton, alleging that he was involved in hawala-hundi transactions and running an illegal currency exchange business without a valid licence.
The FIA recovered US$55,000, multiple mobile phones, and evidence linked to illegal money transfer and currency exchange activities. Officials said the suspect failed to provide a satisfactory explanation regarding the recovered foreign currency.
The FIA confirmed that a formal case has been registered, and the suspect is under investigation. Raids are underway to trace and arrest his accomplices believed to be part of the illegal network.
