FIA raids Hawala Hundi operators in Karachi, seizes Rs25 million

KARACHI: The Federal Investigation Agency (FIA) made a bold move against illegal financial activities in Karachi, conducting three early morning raids on Thursday that targeted hawala-hundi operators.

These raids resulted in the seizure of a whopping Rs25 million in cash, along with prize bonds, cheques, computers, and mobile phones. Five suspects were arrested in connection with the illegal currency transfers, a significant breakthrough in the agency’s efforts to curb financial crimes.

The FIA’s Corporate Crime Circle, led by Director Nauman Siddiqui, spearheaded the operations. The first raid took place at a building on Shahrah-e-Millat, where officials apprehended Asif Ashraf, a travel agency owner, and hawala dealer Shayan Wahid.

Authorities recovered Rs22.5 million in cash, mobile phones, laptops, and documents detailing hawala-hundi transactions from the suspects.

Two additional raids, executed under court orders, took place in Garden West and Sharfabad areas. Here, the FIA seized 117 signed cheques, prize bonds worth Rs61,000, and Rs4.7 million in cash.

Two laptops, two computers, seven mobile phones, and other records related to hawala-hundi were also confiscated. Further investigations revealed that suspects Muhammad Owais, Aqeel Sameer, and Javed were managing a hawala setup, transferring funds, and making payments through an undisclosed company using third-party accounts.

This crackdown on hawala-hundi operators is part of the FIA’s broader efforts to combat financial crimes in Pakistan. Similar raids have been conducted in the past, including a recent operation at the Pakistan Stock Exchange (PSX) that resulted in the arrest of three suspects and the seizure of Rs 9 million in cash, US dollars, dirhams, riyals, and bonds.

These actions demonstrate the agency’s commitment to tackling illegal financial activities and ensuring the integrity of Pakistan’s financial system.