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FIA arrests two for laundering money

FIA arrests two for laundering money

KARACHI: The Federal Investigation Agency (FIA) has busted a network of businesses operating illegally in the city.

A spokesman for the FIA said that an anti-corruption circle conducted a raid on Office No. E-4, Executive Floor, Glass Tower, in Clifton and arrested two accused, Rizwan, son of Muhammad Saleem, and Muhammad Shahid, son of Muhammad Ibrahim.

They were involved in selling, purchasing and smuggling of local and foreign currency through Hundi/Hawala, which is a method of transferring money without any money actually moving.

A huge cache of Pakistani and foreign currency notes equivalent to approximately Rs8 million as well as laptops, registers, cheques, vouchers and bank deposit slips were seized from their possession. An FIR has been registered and further investigations are under way.