FIA Launches Major Crackdown on Illegal Currency Trading in Karachi, Seizes Foreign Currency Worth Millions
KARACHI: The Federal Investigation Agency (FIA) has launched a targeted operation against an alleged illegal currency trading network, recovering thousands of dollars and millions of Iranian rials from the parking area of a private hospital on Stadium Road in Karachi.
According to an FIA spokesperson, the operation was conducted by the FIA Commercial Banking Circle (CBC), Karachi, on the directions of Karachi Zone Director Munazzar Mehdi and under the supervision of the Deputy Director of FIA CBC Karachi.
During the operation, four individuals allegedly involved in the illegal buying and selling of foreign currency were taken into custody. They were identified as Muhammad Babar Dosani, Yaqoob Patel, Ahmer Hussain Khan and Kashif Ashraf.
The agency recovered foreign currency and mobile phones from the possession of the suspects. Investigators suspect that the mobile phones contain digital evidence related to the alleged illegal currency trading activities.
$22,000 and 4 Million Iranian Rials Recovered
The FIA spokesperson said the seized currency included $22,000 in US dollars and 4 million Iranian rials, along with several mobile phones.
The mobile devices have been taken into custody for examination of relevant digital evidence and further investigation.
The suspects, along with the recovered currency and other seized items, were transferred to the FIA Police Station, Commercial Banking Circle, Karachi, for legal proceedings.
Following the completion of the necessary legal formalities, a case was registered, the spokesperson said.
Five Individuals Named in FIR
According to the FIA, the registered case names Yaqoob Patel, Ahmer Hussain Khan, Kashif Ashraf, Muhammad Babar Dosani and Muzaffar Ali.
Investigators are examining the nature of the alleged illegal activities, financial links, possible facilitators and the potential involvement of other individuals in a wider network.
The agency said further investigation was underway to establish the full scope of the suspected operation and identify others who may have been involved.
The FIA reiterated its commitment to taking action in accordance with the law against individuals involved in illegal foreign currency trading and other unlawful financial activities.
