The State Banking Circle of Federal Investigation Agency (FIA) Karachi conducted a significant operation resulting in the apprehension of the ringleader involved in an illegal currency exchange syndicate located in Garden East area.
A substantial amount of domestic and foreign currency, valued at millions, was confiscated during the operation.
The arrested individual, Noor Muhammad, was found to be engaged in unauthorized exchange of both local and international currencies, a spokesperson for the FIA told here Saturday. Notably, the apprehended suspect was also implicated in foreign currency transactions without possessing the required license. The raid yielded the recovery of 2600 US dollars, 650 UAE dirhams and 3.1 million rupees from the accused. Additionally, the authorities seized two mobile phones, messages pertaining to currency exchange and multiple registers containing transaction records.
Despite inquiries, the accused failed to provide a satisfactory explanation regarding the recovered currency. Consequently, the individual was arrested, and an investigation has been initiated. Efforts are underway through ongoing raids to apprehend other individuals involved in the illicit operation.
