PESHAWAR: The Federal Investigation Agency (FIA) has seized over Rs. 250 million and arrested two suspects during a major operation targeting an illegal hawala network near Malakand.
Officials confirmed the raid was conducted near Chakdara Toll Plaza in Malakand district following intelligence received by authorities regarding illegal financial activities.
The operation was supervised by Assistant Director Muhammad Naseer, with teams from the Commercial Banking Circle Peshawar carrying out the coordinated enforcement action at the location.
Authorities identified the arrested suspects as Muhammad Imran and Usman, who were allegedly involved in operating an unauthorised hawala and hundi business without regulatory approval.
FIA reported recovering Rs. 250.394 million from the suspects, along with documentary evidence linked to illegal currency transfer operations conducted through informal channels.
Officials stated that a case has been registered against the suspects, while further investigations are underway to identify additional individuals connected to the network.
Court Jails Man Over Illegal Foreign Currency
A Karachi court has sentenced a man to one year rigorous imprisonment and fined him Rs. 100,000 for illegally possessing foreign currency, officials confirmed.
The convicted individual, identified as Imran Ilyas, was found guilty of holding significant amounts of foreign currency without legal authorisation under relevant financial regulations.
According to the Federal Investigation Agency spokesperson, the court also ordered confiscation of all recovered currency as part of the final judgment against the accused.
Officials stated that the recovered amount included multiple foreign currencies, comprising United States dollars, United Arab Emirates dirhams, Canadian dollars, British pounds, and Pakistani rupees.
Authorities reported that 19,200 US dollars, 15,300 dirhams, 500 Canadian dollars, and 500 British pounds were seized along with over 1.19 million Pakistani rupees.
