A Pakistani court has handed five-year prison sentences to three individuals for operating an illegal currency exchange, the Federal Investigation Agency (FIA) said on Friday, as authorities intensify efforts to curb illicit currency trading.
The crackdown follows a sharp depreciation of the Pakistani rupee, which last month dropped to a 22-month low of Rs. 284.97 against the US dollar, sparking widespread concern.
On Friday, a court in Sukkur convicted the three suspects, sentencing each to five years in prison and imposing a fine of Rs. 1 million, according to the FIA.
“The individuals were found engaged in illegal currency exchange operations,” the agency stated, noting that authorities had confiscated Rs. 1 million in cash, $20,700, and 147,000 Saudi riyals from the offenders.
“The court has directed that the recovered funds be deposited into the national treasury,” the FIA added.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
And still no action taken against price rise and hoarding to create artificial shortfalls
Well done. Illegal business of dollar black money should be cleared.
foreign currency hoarding is lesser crime, it’s impacts to lesser segment of society while sugar hoarder are looting whole nation. Who will take action against them.
If money cannot be sent abroad freely above a low limit set by the State Bank, and these Dollars do not come out of the national reserves, why crack down on a legitimate need?
It is only legal through Zardari’s mistress (Eman Ali), Sharif’s family’s & in laws (Eshaq Dar) etc. and there is no limit for them to send any sort of money. Even Dar’s son can send and spend million dollars in cryptocurrency. And for sure they were not send through any proper channels or means.
Legitimate need cloaks many illegitimate uses.
This is not correct way to stop illegal trading of foreign currency. State bank should stop purchasing foreign currency from open market.such Popular and honest way must be adopted that people gladly change foreign currency from banks and authorized dealers.
Its not a main dealer ,, take action against zardari , shahbaz, ishaq dar, and some wardi officers,, they are real money launder
Where is Ayan Ali? Justice and punishment is for selected people only and not acriss the board.
unjustis, just 20 thousand dollars and 147 thousands riyals. and sentenced 5 years.
where are the million errors….?