FIA arrests two for illegally transferring funds abroad

Officials say foreign currency worth Rs25m recovered

KARACHI: The Federal Investigation Agency (FIA) on Wednesday conducted a raided on the Karachi Stock Exchange premises to arrest two people for illegally transferring money abroad and recovered foreign currency worth millions.

An FIA spokesperson confirmed that officials from their corporate crime wing had raided the old stock exchange building in Karachi. He added that the money recovered was being sent abroad through the illegal channels of hawala and hundi.

“Foreign currency worth Rs25 million was recovered during a raid,” the spokesperson said, adding, “Evidence of hawala, hundi was also found.”

The suspects, identified as Owais and Mateen, have been booked and are currently being questioned by FIA officials.

The two suspects were apparently visiting a money changer located within the stock exchange building.

Despite repeated attempts, The Express Tribune was unable to get through to KSE Managing Director Nadeem Naqbi -- the sole spokesperson for the exchange, to comment on the incident.

The government had in February directed the FIA to crack down on the illegal money transfer channels of hawala and hundi under the National Action Plan (NAP). The government believes the illegal channels serve as the prime means for terror outfits to receive funding and to move their money undetected.

Meanwhile, there were some unconfirmed reports that officials of the Anti-Corruption Department had conducted a raid at the Civic Centre and apprehended two officials. However, Director Anti-Corruption Department Nazar Muhammad Bodar denied the raid had taken place.

Published in The Express Tribune, October 15^th, 2015.