The Federal Investigation Agency (FIA) has sealed four currency markets inKhyber Pakhtunkhwa’s biggest currency market in an attempt to curb dollaroutflows.
Federal agents recovered thousands of dollars and local PKR after stormingcurrency shops allegedly involved in informal currency business.
The FIA officials said the fresh operation was conducted along with policepersonnel against the currency dealers in Chowk Yadgar on Sunday, wherethree markets were sealed.
So far, over 250 operations have been conducted against the currencydealers involved in Hundi, Hawala as well as black marketing of dollars andother foreign currency during the current year. According to sources, Rs.66 million and over 150,000 US Dollars have been recovered from theoperations.
The FIA has been busy in the past few weeks and is actively looking atreprobates involved in informal (and illegal) currency trade. Last week,the federal watchdog discovered two prominent industrialists who wereinvolved in hundi/hawala, cheating, and fraud through a trust’s bankaccount.
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During the inquiry, the FIA discovered two transactions totaling 40,000pounds that were dated June 20, 2022, and September 19, 2022, in thetrust’s account. These transactions were each for 20,000 pounds.
It can be asserted that the central bank’s restrictions on foreign currencyto maintain the country’s reserves have created an underground economy fordollars in the country, and with that effect, a growing inclination towardblack markets for profit and tax evasion.
