KARACHI: The Corporate Crime Circle of the Federal Investigation Agency (FIA) raided a jeweler’s shop in Clifton Block 6, Karachi on Thursday morning and busted an illegal foreign exchange operation.
FIA Karachi Director Nauman Siddiqui said that 40 thousand dollars and 2.3 million rupees in cash were seized during the raid on the jewelery store. The store was allegedly trading Pakistani cash and gold in foreign currencies without permission.
Officials also seized mobile phones and documents containing important records. Mumtaz Shaukat, the owner of the shop, and his partner Khalid Ayub were arrested from the spot.
In a major move against illegal financial activities, the FIA also conducted three raids in Karachi on November 7, targeting hawala handi operators.
The agency had said that Rs 25 million in cash, prize bonds, cheques, computers and mobile phones were seized as a result of the raids.
It added that five suspects have been arrested in connection with the illegal currency transfer.
According to Siddiqui, the FIA’s Corporate Crime Circle led the operations. He added that the first raid was conducted on a building on the Millat Highway, where officials arrested travel agency owner Asif Ashraf and hawala dealer Shayan Wahid.