Suspected hundi traders arrested
The Federal Investigation Agency (FIA) arrested two suspected illegal currency dealers on Friday during an ongoing crackdown against Hundi and Hawala trading.
According to a spokesperson for the FIA, Salman Shah and Farman Shah were arrested from Shah Alam Market for allegedly running an organized hundi operation.
Also read ‘Hundi-Hawala being used to import used cars’
Over Rs1.3 million in cash, hundi receipts and other incriminating pieces of evidence were found during the operation. Under Director FIA Lahore Zone Sarfraz Virk, teams conducted 33 raids targeting the hundi system, resulting in the arrest of 73 suspects and the registration of 31 criminal cases last year.
Furthermore, authorities sealed 22 offices reportedly run by the suspects, marking a significant step in dismantling their operation. In terms of confiscated assets, the raids yielded foreign currency exceeding 76,886 US dollars, as well as over Rs455 million in foreign currency. In addition, Rs403 million was also seized.
Published in The Express Tribune, November 4th, 2023.