FIA arrests seven for running hundi business

Published: February 9, 2018
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The dollar’s rally against the euro and yen hit a wall Monday. PHOTO: ONLINE

The dollar’s rally against the euro and yen hit a wall Monday. PHOTO: ONLINE

MULTAN: The Federal Investigation Agency (FIA) long with other law enforcement institutions in a crackdown arrested seven suspects for allegedly running illegal business of Hundi in Multan and Dera Ghazi Khan Districts.

On the information of secret agencies, various teams were constituted under the leadership of SHO FIA Ansar Abbas.  He told that sub inspectors Kashif Alvi, Jawad Ali, Khalid Mao, Aijaz Ahmad, Faisal Asghar and Nasir Mahmood assisted him in the arrest of suspects. He further said that the suspects were running illegal business of Hundi in various areas of District Dera Ghazi Khan including Syedwala, Choparhatta and Chah Sawarai Wala. He told that raid were conducted in these areas.

ATC asks FIA to arrest complainant, witnesses

The suspects were identified as Rasheed Khan, Naveed Ahmad, Muhammad Ajmal, Muhammad Dilawar, Muhammad Bilal, Muhammad Saleem and Muhammad Khaleel. FIA has recovered thousands of rupees in foreign and Pakistani banknotes, mobile phones, car, and important documents from them.

SHO Ansar Abbas told that the suspects were shifted to Multan office where further investigations are underway. He more told that the suspects were also presented in the court today. He told that five cases were registered against the suspects.

According to the Securities and Exchange Commission of Pakistan website, hawala (used interchangeably with hundi) is an alternative system that operates parallel to traditional banking channels.

It is distinguished from other remittance systems via trust and extensive use of connections such as family relationships or regional affiliations. Transfers of money take place based on communications between members of a network of hawaladars.

It works by transferring money without actually moving it, requires no bank accounts and is consummated without leaving a paper trail. This form of money transferring is associated with ethnic groups from Africa and Asia.

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