FIA raids Pakistan Stock Exchange, arrests illegal money changers
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The Federal Investigation Agency (FIA) recently carried out a decisive operation aimed at cracking down on illicit hawala transactions within the Pakistan Stock Exchange (PSX). During this operation, three individuals affiliated with an organized hawala hundi syndicate were apprehended by FIA officials. The details of this operation reveal a significant seizure of illicit assets and pertinent evidence.
In a targeted raid conducted at the Pakistan Stock Exchange (PSX), FIA officials successfully arrested three suspects believed to be integral members of the organized hawala hundi network operating within the financial hub.
As a result of their meticulous efforts, the authorities managed to confiscate a substantial sum, consisting of Rs 9,000,000 in Pakistani currency, $3200 US dollars, 26,420 dirhams, 12,289 riyals, bonds valued at more than Rs 2400, and a collection of deposit slips, all recovered from the possession of the detained suspects.
Additionally, the operation yielded further crucial evidence as messages related to foreign currency transactions, specifically pertaining to hundi activities, were discovered on two mobile phones found in the possession of the arrested individuals.
The individuals arrested, identified as Abdul Ahad and Shehzad Javed, are alleged to have been conducting illicit hawala hundi operations. Consequently, legal action has been initiated against them with a case now registered in this regard. This operation serves as a significant step in the ongoing efforts to combat illegal financial activities within the Pakistan Stock Exchange and uphold the integrity of the nation's financial systems
