The Federal Investigation Agency (FIA) has arrested two suspects involved in illegal currency exchange and the Hawala/Hundi network during an ongoing crackdown.
According to the directives of FIA Director General Riffat Mukhtar Raja, operations against illegal money transfer networks are being intensified.
The FIA on Monday informed that in a major action carried out by FIA’s Commercial Banking Circle Peshawar, officials not only apprehended the two suspects but also recovered millions in cash.
The arrested suspects, identified as Muhammad Khalid and Muhammad Latif, were allegedly running illegal Hawala/Hundi operations. During raids, FIA recovered more than Rs. 21.6 million along with documents and evidence related to the illegal transactions.
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Preliminary investigations revealed that the suspects were transferring unlawfully obtained money to various individuals through informal channels. FIA sources confirmed that the accused failed to produce any valid licenses or provide satisfactory explanations regarding the seized currency.
Both suspects have been taken into custody, and further investigation is underway.
