Money exchange businesses and currency dealers have been summoned by the Federal Investigation Agency (FIA) for allegedly trading US$63 million without informing the State Bank of Pakistan (SBP)
According to sources privy to the investigation process, the FIA has detected thousands of US$ transactions between money exchange companies and purchasers below a value of Rs35,000.
“The amount is intentionally set below Rs35,000 to avoid a State Bank of Pakistan radar,” they said adding that thousands of such transitions amounting to US$63 million have been made to over 100 purchasers through a structured mechanism.
A coordinated technique was utilised to stockpile cash, which was also used in money laundering. A structured procedure was used to transfer US$100 million to 500 purchasers.
The FIA has raided several money exchange firms to stop illicit foreign exchange transfers in the wake of growing demand for the US dollar.
The Federal Investigation Agency (FIA) detained eight people on Monday for suspected participation in the smuggling of millions of rupees in foreign currency.
The Federal Investigation Agency’s Commercial Banking Circle raided a money exchange firm in Karachi’s Saddar and Gulshan-e-Iqbal areas and nabbed a group engaging in illicit ‘hawala and hundi’ transactions.
During raids in Karachi, the FIA team also discovered local and international cash in the custody of suspects. Mobile phones, computers, and other papers were confiscated as well.
Company Director Mohammad Yaseen, Manager Mohammad Adnan, Mohammad Meraj, Osama, Junior Officer Fahad Lamada, Mohammad Athar Mehboob, and cash carriers Saifuddin and Sanaullah are among the accused detained.
