ISLAMABAD - The Federal Investigation Agency (FIA) has arrested two suspects in Lahore and seized currency worth Rs 40 million.
The two suspects were identified as Hassan Ghulam Ghous and Umar Dar and have they been charged for hoarding US dollars and money laundering as speculative currency trade gained momentum.
The dollars were hoarded to make the rupee weaker in the market. This action caused an artificial demand of dollar and its rate increased artificially.
The action was taken on the directives of FIA’s Punjab Zone-I Lahore director, Mohammad Waqar Abbasi, who instructed authorities to take strict action against those involved in dollar hoarding, money laundering, hundi/hawala (illegal money transfer) and “illegal speculation” regarding the de-valuing of Pakistani rupee, the interior ministry said in a press release.
Six teams were thus constituted by the FIA , which carried out raids simultaneously at all money exchanges in Lahore and inspected their records and after investigation, the two suspects were arrested.
During the action, currency “worth crores of rupees” was taken into possession from DD Exchange Company Lahore, the press release said.