KARACHI – The Federal Investigation Agency (FIA) State Bank Circle Karachi carried out a major operation against illegal foreign exchange activities, recovering more than Rs15 million worth of US dollars.
According to the FIA spokesperson, the action was conducted under the directives of the Director General FIA as part of the ongoing crackdown on hawala-hundi and unauthorized currency exchanges.
During the operation, the FIA team arrested a suspect identified as Bilal Saleem from the Clifton area of Karachi. Officials stated that the accused was involved in hawala-hundi and running an unlicensed currency exchange business. A total of 55,000 US dollars were recovered from his possession.
The FIA also seized mobile phones and other evidence related to illegal money transfers and foreign exchange dealings. The suspect failed to provide satisfactory justification for the recovered currency and has been formally arrested.
Authorities have initiated an investigation, while raids are underway to apprehend his accomplices.
