Gang of illegal dollar traders busted
The apex anti-corruption agency has the mandate to eradicate corruption in Pakistan, says acting chairman. PHOTO: FILE
The FIA Anti-Corruption Circle has busted an interprovincial gang engaged in the illegal trade of US dollars. Two members of the gang, identified as Chaudhry Nazir and Syed Wasim Ahmed, have been arrested in a recent operation.
According to the FIA spokesperson, the raid was led by Additional Director Anti-Corruption Circle Karachi, Javed Baloch, at an address in the Five Star Chowrangi area. The arrested men were found to be conducting transactions in foreign currency without the required approval from the State Bank of Pakistan.
Read: FIA nabs two for running illegal currency business
Preliminary investigations revealed that the accused were selling US dollars at a rate Rs10-15 lower than the open market rate. The raid yielded $5,000 from the possession of the accused, with evidence suggesting that they had illegally sold more than $100,000.
It was disclosed during the operation that the mastermind behind the gang hails from Rajanpur District of Punjab. The FIA has initiated further actions against the inter-provincial gang, registering a case against the accused.