FIA books two money-changers, seize foreign currency

Official says nabbed individuals created artificial dollar crisis

QUETTA: The Federal Investigation Authority (FIA) Quetta on Thursday arrested two money changers and seized foreign currency worth more than 50 million rupees in a raid at a money exchange company in Quetta.

The money exchange company was responsible for creating artificial crisis of dollars in Quetta and involved in illegal Hawala, Hundi business, said an FIA official.

“We seized 58,000 US dollars, 34,000 Saudi Riyal and 41,000 UAE Dirham as well as Afghan, Indian and Australian currency during the raid which was worth of more than 50 million in Pakistani rupees,” FIA Quetta Director Altaf Hussain told a news conference.

He said that two culprits, Habibullah and Shah Wali, were also booked for their involvement in creating an artificial crisis of dollars. “Fake cheque books and documents have also been confiscated,” he added.

In the wake of Financial Task Force recommendations, FIA has intensified action against elements involved in money laundering, and Hawala and Hundi businesses, carrying out multiple raids in the last few days in which dozens have been arrested and currency worth millions has been seized.

“The culprits hoarded dollars, creating a supply gap. It resulted in a temporary crisis and the result was that dollar was selling at a high price,” the FIA Quetta director said, adding that the agency has shut down six offices of the foreign exchange company that has 18 offices in total.

The FIA officials said that they didn’t receive any evidence whether the money was being used for corruption or terror funding, adding that local businessmen often used such tactics for tax evasion purposes.

Replying to a query regarding action against cybercrime issues, the FIA director said that efforts were afoot to strengthen cybercrime units.

He said that the FIA had intensified its crack down on elements involved in human smuggling through inter-departmental assistance. “Fencing along the Pak-Iran border would result in the decline of human smuggling,” he added.