FIA busts illegal currency exchange racket in Karachi

The Federal Investigation Agency (FIA) has arrested a man involved in illegal currency exchange operations, recovering foreign currency worth millions of rupees in Karachi.

The suspect, identified as Muhammad Shehzad, was apprehended during a raid in the Federal B Area by the FIA's State Bank Circle following a tip-off, as reported by Express news.

According to FIA officials, the raid resulted in the seizure of $45,000, equivalent to over Rs11.5 million.

Muhammad Shehzad was caught red-handed while conducting illegal currency transactions.

Further investigation revealed that Muhammad Shehzad was running an unlicensed currency exchange business.

Authorities also recovered records related to his illegal operations.

The suspect was unable to provide satisfactory explanations regarding the recovered currency and has been detained for further questioning.

Earlier this week, five suspects were arrested in Karachi for their involvement in money laundering, with authorities recovering a substantial amount of local and foreign currency.

The Federal Investigation Agency (FIA) State Bank Circle Karachi conducted raids in various areas, targeting individuals involved in illegal currency exchange.

The operation resulted in the seizure of $4,500, £20,000, and Rs8,802,250 from the suspects.

Arrests were made near the Forum Mall, Khayaban-e-Jami, Clifton, and a private bank in Zamzama area of Karachi.

The individuals detained include Waseem Akram, Mohammad Arsalan, Mohammad Shiraz, Mohammad Adil Shahid, and Majid Iqbal.

A case under FIR No. 25/2024 has been registered against the suspects, and investigations have commenced to probe their activities further.