The Federal Investigation Agency (FIA) arrested a suspect during a raid targeting illegal foreign exchange activities in Karachi. Consequently, officials seized large amounts of local and foreign currency.
The FIA’s Commercial Banks Circle Karachi arrested Syed Atif Abbas Zaidi during the operation. Authorities alleged that he was involved in the unauthorised buying and selling of US dollars and other foreign currencies.
According to FIA officials, the suspect admitted his involvement in illegal foreign currency trading during initial questioning. Meanwhile, investigators continued examining evidence recovered from the raid.
Authorities Recover Foreign Currency
During the operation, the FIA recovered US$23,107, Saudi Riyal 45,000, and 1.116 billion Iranian rials. Officials also seized Rs3.31 million in Pakistani currency from the suspect.
Furthermore, authorities recovered two prize bonds, five official stamps, and two bank cheques. They also confiscated four iPhones and a register containing details of alleged illegal financial transactions.
Investigation Continues
An FIA spokesperson confirmed that investigators took the recovered currency and other evidence into custody. Moreover, officials transferred the suspect to the FIA Commercial Banks Circle Karachi for further legal proceedings.
Authorities have registered a case against the suspect and launched a detailed investigation. Meanwhile, the FIA said efforts against illegal foreign exchange trading and hundi-hawala operations will continue across the country.
