FIA cracks down on illegal money exchangers, hundi and hawala dealers

Federal Investigation Agency (FIA) has initiated a crackdown against illegal money exchangers along with hundi and hawala dealers and has arrested four suspects.

FIA’s crackdown against illegal money exchangers and hawala dealers has been continuing and according to latest reports, the investigation agency has arrested three suspects from Chaman and one from Karachi.

According to media reports, the raiding teams in Balochistan also recovered currencies, both local and foreign, from the possession of the arrested. The suspects have been identified as Abdul Hakeem, Naik Muhammad, and Nazar Gul.

In a separate raid by FIA’s Corporate Crime Circle at Gurumandir area of Karachi, a suspect, Ateeq, was arrested who was also allegedly involved in illegal money exchange and hundi businesses.

According to the details, Rs0.5 million, $2,000, two mobile phones and a laptop were recovered from the arrested suspect and a case has been registered under the Foreign Exchange Regulation Act (FERA).

On the previous day, two money changers were also taken into custody by FIA’s Corporate Crime Circle Lahore. The suspects identified as Shafqat Ali and Shafqat were involved in money exchange business without any license. A total of Rs4.5 million, foreign money and prize bonds were recovered by FIA who claimed that the suspects belonged to hawala and hundi gang that has been operating from Dubai.

The government had ordered FIA to launch a crackdown to control the continuous devaluation of the rupee.