Key Takeaways
- The Federal Investigation Agency (FIA) has arrested five individuals, including a private bank’s branch manager.
- 300,000 Saudi riyals and seven smart devices were seized during the raid.
- The case is being registered under the Foreign Exchange Regulation Act.
The Federal Investigation Agency (FIA) has made significant arrests in a case involving an alleged illegal currency exchange and hawala-hundi operation in Karachi, Pakistan.
Five individuals, including a private bank’s branch manager, were apprehended during the operation, according to an FIA spokesperson.
The FIA’s Anti-Corruption Circle conducted a raid at the bank’s branch in Federal B Area’s Block 4, under inquiry number 107/2026.
The arrested individuals were identified as Farhan Ahmed, Faisal Ahmed, Kashif Alvi, Muhammad Naseem, and Junaid Ahmed, with Alvi being the branch manager.
The FIA recovered 300,000 Saudi riyals in cash, seven smart devices and mobile phones, and checkbooks from various banks during the raid.
According to the FIA, the devices allegedly contained WhatsApp conversations, digital ledgers, and financial transaction records linked to the suspected hawala-hundi network.
The cash, devices, and other records were formally seized, and investigators are examining the sources of the transactions.
The FIA is attempting to identify other people and possible facilitators connected to the alleged operation.
Proceedings are underway to register a case under the Foreign Exchange Regulation Act and other applicable laws.
