Illegal currency exchange ring busted in Karachi’s Clifton, $40,000 seized

Listen to article

The Federal Investigation Agency (FIA) Corporate Crime Circle uncovered an illegal currency exchange racket operating from a jewellery shop in Karachi.

During a raid, FIA authorities seized 40,000 US dollars and Rs 2.3 million, and arrested two individuals involved in the unlawful activity, Express News reported.

The arrested suspects have been identified as Mumtaz Shaukat and Khalid Ayub. They were apprehended at a jewellery shop located in the Clifton area.

Investigators revealed that the duo was using the jewellery shop as a front for conducting illegal foreign currency exchange and gold trading operations.

The suspects reportedly engaged in the buying and selling of foreign currency and gold without the necessary licenses, violating financial regulations.

Authorities were unable to obtain satisfactory explanations from the arrested men regarding the origin of the seized currency, raising suspicions about the legitimacy of their operations.

The FIA, acting on a tip-off, launched the raid and successfully apprehended the suspects.

A case has been registered against them, and investigations are underway. The FIA has assured that they will take further steps to clamp down on illegal currency exchange activities in the city.

This operation is part of the ongoing efforts by Pakistan's law enforcement agencies to combat illicit financial practices that undermine the country's economy.

Previously the (FIA) Immigration on Sunday successfully apprehended a key suspect involved in a human trafficking case at Islamabad Airport.

According to an FIA spokesperson, the arrested individual has been identified as Khawar Shehzad, who was allegedly involved in human trafficking and visa fraud. The suspect was detained upon his arrival at Islamabad Airport from Oman, he said.