KARACHI: The Federal Investigation Agency (FIA) has arrested two suspects allegedly involved in illegal currency exchange operations during separate actions carried out by the Commercial Banking Circle and the Corporate Crime Circle in Karachi.
According to an FIA spokesperson, the arrested individuals were identified as Sohail and Sehrosh. They were taken into custody from Nazimabad and Garden East.
The spokesperson said the suspects were running an unlicensed currency exchange business. During the raids, officials recovered a large quantity of local and foreign currency from their possession.
The seized amounts include 20,050 US dollars, 2,000 Turkish lira, 1,300 UAE dirhams, and 2,170 British pounds. In addition, 1,000 euros, 8,001 Qatari riyals, 13,600 Chinese yuan, and 7,800 Saudi riyals were also recovered.
Furthermore, 81 Bahraini dinars, 465 Malaysian ringgit, 50 Australian dollars, along with more than Rs5.933 million in Pakistani currency, were seized. Mobile phones and other evidence related to illegal currency exchange activities were also taken into custody.
The FIA has initiated an investigation after registering the case. Raids are underway to apprehend other accomplices involved in the network, the spokesperson added.
