In a recent development, the Federal Investigation Agency’s (FIA)Commercial Banking Circle team in Karachi took action against suspectedtrade-based money laundering, resulting in the seizure of four high-endluxury vehicles. This operation is part of an ongoing effort by the FIA toscrutinize car showroom owners engaged in ‘trade-based’ money launderingwithin the city.
The operation unfolded when the FIA team executed a raid on a car showroomsituated on Khalid bin Waleed road. During this operation, the authoritiesconfiscated an impressive lineup of luxury vehicles, which includedprominent brands such as Land Cruiser and Audi. The primary reason for thisseizure was the inability of the showroom owner to furnish concreteevidence of the legitimate import of these vehicles into the country.
Moreover, it was revealed by FIA officials that the car showroom owner hadbeen repeatedly summoned to cooperate with the investigation, yet heconsistently failed to heed these requests. This non-compliance furtherraised suspicions regarding the source and legality of the seized luxuryvehicles.
In response to these alarming developments, the FIA issued official noticesto the owners of thirteen car showrooms across Karachi, signaling theirintention to conduct similar investigations in order to root out anypotential instances of trade-based money laundering within the automotiveindustry.
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Prior to this operation, the FIA had made headlines by conducting atargeted raid on the residence of a businessman named Aziz Seekha inKarachi. This high-profile operation led to the discovery of a substantialamount of foreign and Pakistani currency, as well as valuable prize bonds.The FIA’s proactive approach to combating financial crimes in Karachicontinues to yield significant results, as they diligently pursue thoseinvolved in illicit financial activities.
