Forex company sealed for holding foreign currency worth Rs75m in Peshawar

FIA arrests staff members of Pakistan Currency Exchange, takes possession of foreign currency

PESHAWAR: The Federal Investigation Agency (FIA) along with police sealed offices of a foreign exchange company late Wednesday night after they recovered foreign currency worth Rs75 million.

Officials conducted the raid at M/S Pakistan Currency Exchange despite resistance from armed guards outside its offices.

“Despite stiff resistance from armed guards to thwart attempts to conduct the raid, we arrested eight men and took possession of the foreign currency worth millions of PKR," an FIA official told the The Express Tribune.



“They are involved in money laundering business and a case has been registered against them in this regard,” he confirmed, adding "it was one of the top companies in the country and a crackdown would continue to discourage money laundering."

The raid comes as part of efforts to discourage illegal money transactions.

Earlier this month, US authorities arrested Altaf Khanani, a well-known money-changer, for his involvement in laundering funds for designated terrorist organisations.



A statement from the US Office of Foreign Assets Control confirmed he was responsible for laundering billions of dollars in organised crime proceeds annually.

Meanwhile, Parliament has approved amendments to an anti-money laundering law to make it more effective in targeting the financing of extremists and bring it into line with global standards, officials said on Thursday.