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