Illegal forex trade network busted

FIA recovers Rs90 million worth of domestic and foreign currency as it rounds up two suspects

ISLAMABAD:

The Federal Investigation Agency (FIA)’s Commercial Banking Circle Islamabad busted the network involved in illegal foreign exchange business and rounded up two suspects besides recovering Rs90 million worth of domestic and foreign currency from their possession.

The probe body registered a case against four suspects including the owner of the branch and manager of the currency exchange and launched further investigations.

According to official sources, a team of Commercial Banking Circle raided Gujjar Khan Railway Road and arrested two suspects allegedly involved in the illegal buying and selling of foreign and domestic currencies.

The sources said the employees of “Easy Exchange”, an illegal currency exchange business, were allegedly involved in illicit foreign exchange business.

“They were buying and selling foreign currency through the illegal counter at other places besides the legal shop,” they said. “Cashier Abdul Basit was engaged in illegal counter activities while another was engaged in out-of-book activities by shutting down the shop system on Sunday,” they added.

According to the authorities, the seized currency includes US Dollars, Great British Pounds, Euros, Malaysian Ringgits, Qatari Riyals, Saudi Riyals, and UAE Dirhams etc.

 

Published in The Express Tribune, June 14^th, 2023.