‘Illegal currency trading’: Crackdown yields over Rs400 million

Three held; electronic lockers filled with cash confiscated during raids in Pindi, Jhelum

RAWALPINDI:

During separate raids in Rawalpindi and Jhelum, law enforcement agencies (LEAs), including the Federal Investigation Agency (FIA), confiscated Rs400 million worth of local, and Rs14.6 million worth of foreign currencies besides arresting three suspects allegedly involved in illegal currency trading.

According to sources, the LEAs conducted a raid on a private plaza located on Murree Road in Rawalpindi and recovered PKR400 million stored in electronic lockers in the plaza’s basement.

An official inquiry has been initiated, and the owners have been summoned to appear before the inquiry team, along with all relevant documents on Monday.

The FIA team, led by FIA Commercial Banking Circle Deputy Director Jair Nasrani, executed the intelligence-based raid during which seven large electronic lockers and five smaller lockers were found in the basement of the plaza.

The lockers were opened in the presence of the owner, and a substantial sum of Pakistani currency was recovered. The process of counting the currency using special machines continued until approximately 6am Sunday.

Sources said the official inquiry will determine the legality of the currency, its source of acquisition, and whether taxes have been paid or not.

Initially, eight individuals, including the plaza and currency owner were taken into custody by the FIA. They were later released on bail and are required to appear before the inquiry body.

A senior FIA officer stated that legal action would be taken if any illegal activity was discovered during the official inquiry.

Meanwhile, in a separate operation in Jhelum on information provided by the suspect, who owns the currency recovered during the Rawalpindi raid, the FIA arrested three suspects involved in illegal currency trading and confiscated Pakistani currency worth Rs32.6 million, as well as various foreign currencies valued at over Rs14 million. The foreign currencies recovered included Turkish Lira, US Dollars, Euros, Saudi Riyals, Malaysian Ringgits, British Pounds, Danish Krones, and UAE Dirhams. An investigation into the matter has been initiated.

‘Money trail available’

Later on Sunday evening, sources claimed that Sheikh Sarosh, the purported owner of cash confiscated during the Rawalpindi raid, had provided all the necessary documents to the FIA. He claimed the funds were acquired in exchange for the sale of properties at various locations.

Advocate Inam Farooqi, the lawyer representing Sarosh, told The Express Tribune over a phone call that within the plaza’s lockers, over Rs400 million were discovered and all documentation pertaining to these funds has been presented to the FIA.

He said, the investigation had found no foreign currency during the raid and added that Sarosh had sold his property at different locations, and the relevant property checks, bank drafts, contracts, and complete money trails are available.

He further stated that no FIR had been registered, and no one was taken into custody during the operation, which continued for 12 hours. During the raid, CCTV cameras installed within the plaza’s premises were disconnected with the help of experts.

 

Published in The Express Tribune, September 18^th, 2023.