ISLAMABAD: The Federal Investigation Agency’s (FIA) Commercial Banking Circle of Islamabad Zone in the last four months long crackdown on illegal money exchange business registered 12 cases against the accused besides conducting 12 raids at different places.
The CBC Islamabad during these raids not only arrested a number of accused but also recovered a huge amount of local and foreign currency from them that was being used in the illegal money exchange business, also known as Hawala or Hundi.
The CBC during this week conducted two raids in the areas of Islamabad and Rawalpindi and arrested two accused for their alleged involvement in illegal money exchange business. Abdul Rasheed was caught red-handed during a raid at Hassan Traders, Blue Area Islamabad and Rs2100 and 600 UAE Dirham were recovered from him. An FIR (15/2018) was registered against the accused under sections 4,9,23 of Foreign Exchange Regulation (FERA) Act, 1947.
In another raid conducted during this week, the FIA recovered Rs25, 12,480, being used in illegal Hawala/Hhundi business from Shahid Muhammad and registered an FIR (14/2018) against the accused.
In May, the CBC conducted three raids at different places and registered three cases under different sections of FERA Act 1947. During these raids, the FIA recovered Rs2, 33,220 from accused Siddique Khan and Rs2, 58,480 from accused Muhammad Arshad. Similarly, in another raid, an amount of Rs83, 4950, $1150, 100 Sterling Pound, 1355 Saudi Riyals and 100 Australian dollars was recovered from accused Munir Ahmed.
In April, the CBC conducted four raids at different places and recovered a huge amount of currency and bank cheques being used in illegal Hawala business and registered four different cases under different sections of FERA Act 1947 against Muhammad Jaffar, Rawaid Habib, Faisal Kamal, Sanam Shah, Umer Hayat, Zaheer Khan and Nazeer Ullah.
