The Federal Investigation Agency (FIA) Corporate Crime Circle uncovered an illegal currency exchange racket operating from a jewellery shop in Karachi.
The Federal Investigation Agency (FIA) raided a jewelry shop in Karachi’s Clifton area, seizing $40,000 and Rs2.3 million in illegal currency. Two suspects, Mumtaz Shaukat and Khalid Ayub, were arrested during the operation.
The suspects were using the shop as a cover for illegal foreign currency exchange and gold trading without proper licenses, violating financial regulations.
Investigators raised concerns when the arrested men could not provide a valid explanation for the source of the seized currency, prompting suspicions about the legitimacy of their operations.
The raid was launched after receiving a tip-off, leading to the successful apprehension of the suspects.
A case has been registered, and investigations are ongoing. The FIA has committed to intensifying efforts against illegal currency exchange activities, which are detrimental to Pakistan’s economy.
In a separate operation, the FIA also arrested Khawar Shehzad at Islamabad Airport for his involvement in human trafficking and visa fraud.
These operations highlight the FIA’s continued crackdown on illegal financial activities and other criminal practices.
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