The Federal Investigation Agency (FIA) has raided Karachi’s leading currency exchange company and arrested five suspects involved in hawala hundi (illegal money transfer) business.
The raids were conducted on four offices of Al-Sahara Currency Exchange located in Burns Road, I.I. Chundrigar Road, Clifton, and Gulshan-e-Iqbal under the supervision of FIA Judicial Magistrate.
Five people, including the owner of the company, Rehmatullah, and his son Ali Mehboob were taken into custody.
FIA Director Munir Sheikh said that the records for illegal transfer of more than Rs. 950 million were recovered during the raid. A considerable amount of cash including, Pakistani currency, US dollar, Euros, Pounds, Canadian dollars, dirhams, and Thai currency, were also seized.
According to the director, telegraph transfer messages were found from mobile phones and laptops of the accused.
Munir Sheikh said that Al-Sahara Exchange had long been on the FIA’s radar as they had been operating illegally for a long time. A case has been registered against the forex owner.