By Our CorrespondentĀ
LAHORE: The Federal Investigation Agency (FIA) Corporate Banking Circle (CBC) Lahore has arrested four alleged operators involved in illegal Hawala/Hundi activities and recovered cash amounting to Rs10.7 million, officials said.
According to the FIA, the action was conducted on the basis of secret information regarding an alleged illegal Hawala/Hundi setup operating in Lahore. A team of FIA CBC Lahore carried out a raid and apprehended four suspects identified as Farhat Ullah, Zabeeh Ullah, Muhammad Qasim and Adnan Khan.
The suspects, who are residents of Landi Kotal, Khyber Agency, were taken into custody during the operation. FIA officials said that mobile phones, deposit slips and cash amounting to Rs10.7 million were recovered from their possession during the search.
The agency said the recovered material was taken into custody for further investigation to determine the nature of the alleged financial transactions and the extent of the network involved.
A case has been registered against the accused under sections 5, 8 and 23 of the Foreign Exchange Regulation Act (FERA) 1947, read with Section 109 of the Pakistan Penal Code (PPC). Further legal proceedings are underway, according to FIA officials.
FIA Banking Circle Lahore SHO Irfan Khan confirmed the registration of the case and said that action against illegal foreign exchange and informal money transfer networks would continue in accordance with the law.
Background and significance
Hawala/Hundi networks involve informal channels for transferring money outside regulated banking systems. Pakistani authorities have repeatedly taken action against such activities, citing concerns related to violations of foreign exchange regulations and undocumented financial transactions.
The FIA has been conducting operations across the country against individuals and networks allegedly involved in illegal currency exchange, money transfer and foreign exchange violations.
Summary (25 words):
FIA CBC Lahore arrested four alleged Hawala/Hundi operators, recovered Rs10.7 million cash, mobile phones and deposit slips, and registered a case under foreign exchange laws.
