KARACHI: Karachi Customs has foiled a major silver smuggling attempt, seizing 500 kilograms of foreign-origin silver valued at more than Rs. 403 million.
The raid took place on March 10 at Gold Tower in Saddar, Karachi, where six apartments had been converted into a mini processing unit.
Officers found silver bars and rods being polished, reshaped, and stamped to disguise their foreign origin.
Two suspects, Muhammad Touqeer and Muhammad Irfan Iqbal, were arrested, while investigators continue to trace financiers and other associates.
The case has been registered under multiple provisions of the Customs Act, 1969, and the Imports & Exports Control Act, 1950. Officials confirmed that several other silver smuggling cases have been intercepted recently, reflecting a growing trend. Silver has become a hot commodity, with prices reaching Rs. 14,000 per tola in the market, though jewelers are buying it back at Rs. 9,000 per tola.
Smuggling routes from Afghanistan and Iran have been disrupted due to ongoing conflicts, forcing traffickers to seek alternative channels.
Chief Collector Basit Abbasi has directed Collector Umar Shafique to intensify efforts against smuggling. Shafique, a high-profile officer, is maintaining strict vigilance and has been credited with tightening enforcement measures in Karachi.
Authorities say the silver undergoing chemical processing at the time of the raid remains under watch until recovery is complete, while further investigation is underway to dismantle the wider smuggling network.
This case highlights both the rising demand for silver in Pakistan and the determination of customs officials to curb illicit trade that undermines the country’s economy.