The Federal Investigation Agency (FIA) in Karachi has arrested two suspects allegedly involved in an illegal currency exchange network and recovered local and foreign currency worth crores of rupees during targeted operations.
The action was carried out jointly by the FIA’s Commercial Banking Circle and the Corporate Crime Circle Karachi. According to an FIA spokesperson, the suspects, identified as Sohail and Sehrosh, were arrested from the Nazimabad and Garden East areas of the city. Authorities said the accused had been operating an unlicensed currency exchange business and were allegedly engaged in unlawful financial transactions for a considerable period.
During the raid, officials recovered large amounts of foreign currency from their possession, including 20,050 US dollars, 2,170 British pounds, 2,000 Turkish lira, 1,300 UAE dirhams, and 1,000 euros. Investigators also seized 8,001 Qatari riyals, 13,600 Chinese yuan, and 7,800 Saudi riyals. In addition, 81 Bahraini dinars, 465 Malaysian ringgits, and 50 Australian dollars were recovered along with more than 5.933 million Pakistani rupees in cash.
FIA officials also confiscated mobile phones, transaction records, and other important documents believed to be linked to illegal currency trading activities. These materials are expected to help authorities trace the wider network and identify additional individuals involved in the operation.
According to the FIA, the suspects were conducting currency exchange without obtaining the required licence from relevant regulatory authorities, which is a violation of financial laws. Officials suspect that the network may be linked to informal money transfer systems and could have been facilitating illegal financial flows.
The arrested individuals have been taken into custody, and a formal investigation has been launched. Authorities stated that further raids are underway in different parts of the city to apprehend other suspects and dismantle the broader network connected to the illegal business.
FIA officials reiterated their commitment to cracking down on unlicensed currency exchanges and financial crimes that undermine the country’s economy. They urged the public to report suspicious financial activities and only use authorised channels for currency exchange and money transfers to avoid legal complications and financial fraud.