The Federal Investigation Agency (FIA) recently carried out a decisiveoperation aimed at cracking down on illicit hawala transactions within thePakistan Stock Exchange (PSX). During this operation, three individualsaffiliated with an organized hawala hundi syndicate were apprehended by FIAofficials. The details of this operation reveal a significant seizure ofillicit assets and pertinent evidence.
In a targeted raid conducted at the Pakistan Stock Exchange (PSX), FIAofficials successfully arrested three suspects believed to be integralmembers of the organized hawala hundi network operating within thefinancial hub.
As a result of their meticulous efforts, the authorities managed toconfiscate a substantial sum, consisting of Rs 9,000,000 in Pakistanicurrency, $3200 US dollars, 26,420 dirhams, 12,289 riyals, bonds valued atmore than Rs 2400, and a collection of deposit slips, all recovered fromthe possession of the detained suspects.
Additionally, the operation yielded further crucial evidence as messagesrelated to foreign currency transactions, specifically pertaining to hundiactivities, were discovered on two mobile phones found in the possession ofthe arrested individuals.
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The individuals arrested, identified as Abdul Ahad and Shehzad Javed, arealleged to have been conducting illicit hawala hundi operations.Consequently, legal action has been initiated against them with a case nowregistered in this regard. This operation serves as a significant step inthe ongoing efforts to combat illegal financial activities within thePakistan Stock Exchange and uphold the integrity of the nation’s financialsystems
