FIA Karachi Cracks Down on Illegal Currency Dealers, Recovers Rs3.7 Million and 940 Million Iranian Rials
Karachi: The Federal Investigation Agency (FIA) Federal Investigation Agency has carried out a major operation against illegal foreign currency dealers in Karachi, recovering Rs3.7 million in cash along with 940 million Iranian rials.
According to an FIA spokesperson, the raid was conducted in the Khara Dar area on the instructions of Director FIA Karachi Zone Munazzar Mehdi, and was supervised by the Deputy Director of the FIA State Bank Circle Karachi.
During the operation, officials arrested a suspect identified as Muhammad Hanif, son of Umar Farooq, who was allegedly involved in illegal buying and selling of foreign currency without authorization from the State Bank of Pakistan.
The FIA said that a total of Rs3.7 million in cash and 940 million Iranian rials were recovered from the suspect’s possession, along with a mobile phone used in the illegal business.
During initial interrogation, the accused reportedly confessed to involvement in unlawful currency trading without approval from the State Bank of Pakistan.
Officials stated that the recovered currency and mobile phone have been taken into custody as evidence, while an FIR (No. 02/2026) has been registered and further investigation is underway.
The FIA spokesperson added that operations against illegal foreign exchange businesses and elements involved in undermining the national economy have been intensified.
