FIA continues crackdown on illegal forex business

KARACHI: Federal Investigation Agency (FIA), as mandated under law, has taken strict action against the forex hoarding, illegal sale/purchase and smuggling.

There were intelligence reports that money is being illegally sold and stocked in fictitious accounts for the purpose of illegal hoarding and subsequent smuggling thus causing artificial dollar appreciation.

As per intelligence reports, there are 79 individuals and businesses across Pakistan involved in this anti-state and criminal activity. DG FIA Sanaullah Abbasi on 02-10-2021 chaired a meeting of Zonal Directors of FIA and gave directions for action against illegal business of hundi/ hawala and hoarding of foreign currency (forex).

Massive crackdown was initiated against them and 51 raids were conducted all over Pakistan especially in border areas in which 15 suspects were taken into custody for further interrogation and 8 FIRs have been registered so far. The amount recovered from them is about 67m Pkr, including 237,000 USD, and 11,000 GBP.

More than 20 shops have been sealed in Peshawar for their suspected involvement in illegal currency business.  More than 25 FIA teams, supported by all LEAs and provincial administrations are in field and conducting intelligence based operations against illegal currency sale purchase and smuggling.

In addition to that, FIA is also in coordination with SBP, Financial Management Unit and other stakeholders for detecting and apprehending any foul play done by registered forex companies.

As a result of these efforts, USD price has stabilized and is reported to have come down in certain areas as well.

This action will continue till this menace of illegal currency business and smuggling is put down with iron hand of law.

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