The Federal Investigation Agency (FIA) has arrested a suspect during a crackdown on illegal foreign exchange trading and hundi/hawala operations, seizing a substantial amount of local and foreign currency.
According to the FIA, the Commercial Banks Circle Karachi arrested Syed Atif Abbas Zaidi, who was allegedly involved in the unauthorised buying and selling of US dollars and other foreign currencies during an operation in the city.
FIA officials said the suspect admitted during initial questioning to his involvement in illegal foreign currency trading.
During the operation, authorities recovered US$23,107, SAR45,000 (Saudi riyals), IRR1.116 billion (Iranian rials) and PKR3.31 million from the suspect’s possession.
The FIA also seized two prize bonds, five official stamps, two cheques issued by MCB Bank and Meezan Bank, four iPhones, and a register containing details of alleged illegal financial transactions.
An FIA spokesperson said the recovered currency, mobile phones and other evidence had been taken into custody, and the suspect was transferred to the FIA Commercial Banks Circle Karachi.
A case has been registered, and further investigations are under way.
