In a recent development, the Federal Investigation Agency's (FIA) Commercial Banking Circle team in Karachi took action against suspected trade-based money laundering, resulting in the seizure of four high-end luxury vehicles. This operation is part of an ongoing effort by the FIA to scrutinize car showroom owners engaged in 'trade-based' money laundering within the city.
The operation unfolded when the FIA team executed a raid on a car showroom situated on Khalid bin Waleed road. During this operation, the authorities confiscated an impressive lineup of luxury vehicles, which included prominent brands such as Land Cruiser and Audi. The primary reason for this seizure was the inability of the showroom owner to furnish concrete evidence of the legitimate import of these vehicles into the country.
Moreover, it was revealed by FIA officials that the car showroom owner had been repeatedly summoned to cooperate with the investigation, yet he consistently failed to heed these requests. This non-compliance further raised suspicions regarding the source and legality of the seized luxury vehicles.
In response to these alarming developments, the FIA issued official notices to the owners of thirteen car showrooms across Karachi, signaling their intention to conduct similar investigations in order to root out any potential instances of trade-based money laundering within the automotive industry.
Prior to this operation, the FIA had made headlines by conducting a targeted raid on the residence of a businessman named Aziz Seekha in Karachi. This high-profile operation led to the discovery of a substantial amount of foreign and Pakistani currency, as well as valuable prize bonds. The FIA's proactive approach to combating financial crimes in Karachi continues to yield significant results, as they diligently pursue those involved in illicit financial activities.