FIA seizes currency worth Rs40 million in Lahore as crackdown against dollar hoarding begins

E-Paper | June 09, 2026

The Federal Investigation Agency (FIA) on Sunday seized currency worth Rs40 million and arrested three people in Lahore, the interior ministry said, as a government crackdown against the hoarding of US dollars and speculative currency trade gained momentum.

The action was taken on the directives of FIA's Punjab Zone-I Lahore director, Mohammad Waqar Abbasi, who instructed authorities to take strict action against those involved in dollar hoarding, money laundering, hundi/hawala (illegal money transfer) and "illegal speculation" regarding the de-valuing of Pakistani rupee, the interior ministry said in a press release.

According to government directives cited by the ministry, the "dollars were hoarded to make rupee weaker in [the] market. This action caused [an] artificial demand of dollar and its rate increased artificially."

Foreign and local currency seized by FIA is seen. — DawnNewsTV

Six teams were thus constituted by the FIA, which carried out raids simultaneously at all money exchanges in Lahore and inspected their records.

During the action, currency "worth crores of rupees" was taken into possession from DD Exchange Company Lahore, the press release said. A second interior ministry statement stated the currency seized amounted to Rs40 million.

Three persons were also taken into custody and first information reports (FIRs) were registered against them.

"Investigation is in progress and startling revelations are expected from them especially against hoarders of dollars," the ministry said.

Information Minister Fawad Chaudhry had announced on Twitter that “a full-fledged operation against dollar hoarding and speculative currency trade” would be launched by the FIA, as signs of panic started appearing in foreign currency markets after the dollar touched Rs148 in open trading on Friday.

A State Bank spokesperson had then told Dawn that there was no law to arrest any person for buying dollars or keeping foreign exchange as investment, but if any institution was found involved in currency hoarding to manipulate the exchange rate, it could be investigated.

“We have a mechanism with FIA to probe a case if there is any violation of banking laws and the State Bank can ask FIA to investigate such violations,” he had added.

Finance Minister Asad Umar has ruled out a further devaluation of the rupee, which has lost about 25 per cent of its value over the past year, urging people to invest in the stock market and not waste money buying dollars.

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Pakistan

Shakeel Qarar is an Islamabad-based reporter for Dawn News (TV), having been with the organization since 2012. His reporting covers crime, law and order, and security, with a specific focus on the Ministry of Interior and its subordinate agencies. He can be found on X at @Qarar009.

Govt announces crackdown as dollars vanish in open market after hitting Rs148 mark

Interest rate tightening and rupee’s health

If Pakistan has been going to IMF for the last 30 years, why is structural adjustment still necessary?

Arif Khan

Apr 07, 2019 06:48pm

Good first step by the Govt. Now catch the bigger fish especially in Karachi.

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HMP

Apr 07, 2019 06:49pm

Now watch as a currency crisis starts. Genuine travellers will not be able to buy foreign currency. Rates will go up further. The government need to understand that not all problems can be solved by force.

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ukasha

Apr 07, 2019 06:52pm

That is not a good sign. Under what authority, what law they seized the currency? That is just a bad tactic to disrupt the business. Its open market, the rates are not the result of insider trading it is just on the news that once you get more loans from IMF than dollar will go up. Dollar will go up no matter what you do. Word of the day is "living beyond means"

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Vikas P

Apr 07, 2019 06:56pm

40 millions PKR???...!!! That’s just 2,75,000 us$. Nothing.

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Faisal

Apr 07, 2019 06:56pm

Target dealers in Karachi

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fairplay

Apr 07, 2019 06:57pm

Good job, FIA.

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Hafeez

Apr 07, 2019 07:06pm

Too little too late...

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Random Indian

Apr 07, 2019 07:06pm

That is like 270 thousand USD not a large sum by any measure. Enough to send one kid to college in the US.

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Mohsin Malik

Apr 07, 2019 07:21pm

So PTI was bashing PMLN for artificially controlling the dollar rate, but they are doing the same in the most bizarre manner. Also I have seen that it seems all problems lie in Punjab, whereas the most transparent businessmen live in KP and Karachi. The operation is also launched in Punjab only. Anyway does this means that PMLN was right all along and Imran Khan and Asad Umar were doing politics in the past?.

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Ahsan Gul

Apr 07, 2019 07:26pm

PTI get your act together- not the little people. Foreign exchange and $$$ are in homes and bank lockers of politicians, leaders and prominent persons. Once again, Check Jatti Umrah, model Town and their residences, farm houses where these guys hide hard cash. They buy foreign currencies with cash to make a shortages. REQUIRE foreign exchange dealers and banks to report back to government for bigger exchanges.

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Ahsan Gul

Apr 07, 2019 07:27pm

PTI go after the big people.

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Vikas

Apr 07, 2019 07:37pm

40 million PKR worth foreign currency was creating a shortage. Pakistan's foreign exchange market is like really tiny. minuscule is the word.

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Sam

Apr 07, 2019 07:40pm

Keep up the good work !!

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Riaz uddin

Apr 07, 2019 07:41pm

Private money exchangers are hoardings oreign currency and causing devaluarion of local.currency! The State Bank should regulate and issue dollars only for travelling purposes to eligible individuals.

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NACParis

Apr 07, 2019 07:47pm

Government must destroy this mafia network for the sake Pakistan despite previous Governments having done nothing to curtail their illegal activities, The reason was the corrupt leaders using them all the time. Now IK has an opportunity to regulate the system.

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Amd

Apr 07, 2019 07:49pm

So exchange company is not even allowed to keep 40 million rupees worth of currency now?? This is loot by govt

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Abdulla

Apr 07, 2019 08:15pm

Great Going Pakistan. Keep it up. To reduce dependency on Dollors, we should use gold to do trades

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Pro Bono Publico

Apr 07, 2019 08:20pm

Please audit records of foreign currency dealings of private banks in recent months and find many surprises.

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Moin

Apr 07, 2019 08:20pm

Instead of addressing real issues in the economy, Govt is using such lollypops to keep the people busy and create an illusion that such directionless actions shall bring back the lost glory of Pak Rupee.

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Maria enteparia onnuchoriu

Apr 07, 2019 08:22pm

Is this going to appreciate rupees?

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Daskalos

Apr 07, 2019 08:28pm

Strict steps are needed to check all sorts of negative speculation in our faltering economy. The situation is rapidly deteriorating day by day.

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Dutta

Apr 07, 2019 08:46pm

Amazed to see people congratualing for such tiny amt .. probably govt creating execuse / creating scapegoat for potential crisis of tomorrow

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Justicefirst

Apr 07, 2019 08:57pm

PMLN and PPP leaders have made Trillions of Rupees thru corruption in last 10 years and they can play havoc with the economy at their will.The upward drive in FC is due to the corrupt elements have planned to weaken the government and buying FC for hoarding as well making short and panic in the market.It is a big game.General public must not buy FC,rather sell their FC.After few days it will again settle at Rs 139.

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Khan

Apr 07, 2019 09:00pm

Half of the Pakistani money can be recovered by NAB employees.

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Dr Faazil Ahmed

Apr 07, 2019 09:04pm

This is disappointing.

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Newborn

Apr 07, 2019 09:06pm

More like an earning day for the FIA. Day light robbery by them.

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Seedoo

Apr 07, 2019 09:06pm

Speculative trading wether in currency or stock market provides an important function, which is that of liquidity and is a sign of a mature market. Either Pakistani leaders have no trust in their own system being a mature system or they are trying to create diversionary tactics. As has already been said by others, $275,000 is really a drop in the bucket. If the valuation of Rupee has taken a nose dive in the open market, it shows lack of confidence in the Rupee, at least in the short-term. If the leaders truly believe that Pakistan is on the right path, this should be just a temporary phenomenon, and it will come back up. There is no need to panic. However, leaders of the country must know something which general public does not.

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Mark

Apr 07, 2019 09:07pm

40 million PKR? That was the laundry bill of Ambani's son's marriage. Ridiculous. N the kind of disruption it will generate is not even funny. PTI will ruin Pakistan completely!

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fleab

Apr 07, 2019 09:11pm

@Arif Khan, but it's not your govt! duh!

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fleab

Apr 07, 2019 09:11pm

@ukasha, but who cares? go find a criminal and shut up.

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fleab

Apr 07, 2019 09:12pm

@Hafeez, too fake.

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Rajat Khanna

Apr 07, 2019 09:20pm

40 million is hardly any money

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Ahsan Gul

Apr 07, 2019 09:27pm

Go after Shrief's, Zardari and other politicians who are keeping in Billions of dollars and British pounds in their homes, bank lockers and hidden in their farm houses.

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Sfz

Apr 07, 2019 09:29pm

This shows how much strong the grip of corrupt mafia is. Thay r trying everything to fail this govt, not thinking about Pakistan

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neo

Apr 07, 2019 09:32pm

hoarding US DOLLAR is a crime?

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Reshma

Apr 07, 2019 09:36pm

Nabbing dollar hoarders should result in currency dollar not pkr

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Amin

Apr 07, 2019 09:36pm

PTI another MQM of Punjab, now only there targets to ruin Punjab , just like MQM did during Musharaf era. They working with the assistance of higher ups to divide Pakistan into four pieces

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shridhar26

Apr 07, 2019 09:38pm

Stealing forex from dealer forcefully .. This shows .. authority don't know how to generate Forex..

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Sfz

Apr 07, 2019 09:38pm

@Vikas P. That 40 million is just from 1 of the dealers. There r hundreds of them, registered and unregistered.

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Ahmed Mobeen

Apr 07, 2019 09:47pm

corrupt and hardened bureaucrats and elements of the previous corrupt regimes are all teaming up against PTI—— they will fail and get exhausted

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Zubair

Apr 07, 2019 09:51pm

This action is just a gimmick. It will merely create panic, and will backfire.

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Ahmed Mobeen

Apr 07, 2019 09:55pm

these desperate actions will not bring down dollar value, so far no recovery has been made from the corrupt regimes of the past - the process of law is at snail

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Ahmad Rafiq

Apr 07, 2019 10:01pm

What ? Currency siezed from currency dealers ? How is that illegal ? What is going on in this country ?

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Omer

Apr 07, 2019 10:14pm

This is plain looting by the govt to get some dollars in this economic crisis, created by their mismanagement. There are hundreds of money changers, if in total they were holding about 270k$, that is not illegal by any mean.

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Sami

Apr 07, 2019 10:29pm

Punish them !

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Aamir

Apr 07, 2019 10:36pm

More panic in the market!

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Amjad Durrani Engineer USA.

Apr 07, 2019 10:39pm

While SBP is not supportive of the seizure of this money from DD exchange unless it is proved that we’re involved in manipulation of exchange rate, this action having backing of no such proof is premature and would send wrong message to others. The govt. must be cautious in doing something which may create further chaos in the financial market and push to value of PKR to further down, creating further financial issues of debt repayment, import of essential good and above all fast rising inflation in the country.

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Md. Asghar

Apr 07, 2019 10:47pm

The sheer financial lawlessness in the country is seriously disturbing its economic stability.

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Pakistani

Apr 07, 2019 10:56pm

These currency exchangers are the main people involved in illegal black money transactions. Good job to curb their activities.

Recommend 0

Apr 07, 2019 11:12pm

These things dont work. This is why economy need persisted and stable policies. Few arrest here and there will actually press the panic button.

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Zeeshan USA

Apr 07, 2019 11:24pm

@Vikas, This amount was not creating a shortage. It is the first step in many steps to curb illegal hoarding/currency manipulation. India is no better at it nor its promised economic revival by modi, worry about that first.

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MHZ

Apr 07, 2019 11:36pm

Do it in Karachi, it is 100 times more here.

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Omair

Apr 08, 2019 12:05am

correct step: There should be no open markets, people should only allowed to buy dollars through Banks and banks should work work money exchangers! There should be no open market in that sense! All currency exchange more than 3000 should be done with legal binding and filling of use form plus income tax declaration.

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Danish

Apr 08, 2019 01:30am

Good close all money changers in Pakistan. Only state bank issue foreign exchange to people by clearance from NAB and finance department. $50 per person in 1 yr

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Apr 08, 2019 01:39am

@NACParis, if the mafia has 270,000 dollars then the mafia is way poorer than a common person like me. That too for someone who has a business doing this, this much money exchanges hands in most banks in 2 hours or less. If your rate collapses on such a small amount, I find it impossible to believe.

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AAKIL Ishtiak Ahmed

Apr 08, 2019 01:52am

40 million rupees = 275,000 dollars i.e peanuts as compared to the problem the country is facing. authorities need to go after the bigger players in the market, if it is supposed to be a meaningful crackdown

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Australian Eye

Apr 08, 2019 03:55am

@Ahsan Gul, They have already scanned them bro and found nothing. Grow up now.

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Syed Zafar Kazmi U.S.A

Apr 08, 2019 04:45am

There should be no money exchanges at all in the country. Only banks should conduct this business as they are the most financially regulated institutions and watched over by the State Bank Of Pakistan. Nowhere in the developed foreign exchange floats as freely as in Pakistan. America, the Vatican Of capitalism, does not have these kind of exchanges.

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Syed Zafar Kazmi U.S.A

Apr 08, 2019 04:51am

Just as the state bank has so correctly said there’s no law against keeping foreign exchange by anyone as by law this is a financial medium of investment. This lawless attitude of arrest & confiscate is likely to create more havoc, shortage and scare in the market triggering catastrophic consequences to the already besieged economy. The right and permanent course will be to outlaw these private exchanges and have the banks conduct this business.

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only for pakistan

Apr 08, 2019 05:25am

now find out who is behind this hoarding of the $ !!

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Tahir

Apr 08, 2019 05:48am

I think this action was long over due. People with black money misuse trade in dollars thus make pours take the brunt by making artificial demand pull in dollars against Pak Rupee. Even trade of dollars with white money should be discouraged in present scenario. Only travellers and bonafide importers should be given dollars through banks upon solid evidence.

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Javed

Apr 08, 2019 06:35am

Best course of action is to issue new currency at the rate of one(1) new Rupee to 100 existing Rupees.

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Sindhudes

Apr 08, 2019 07:41am

Everyone knows dollar will be 180 soon. So no surprise

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ali

Apr 08, 2019 08:15am

@Ahsan Gul, and IK stays in 4 billion house and pays 2 lac in taxes

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Amber Khan

Apr 08, 2019 08:37am

Good work fight again this dollar mafia. Also ban all money changers. Currency exchange should only be carried out by State bank of Pakistan through banks.

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rukshi

Apr 08, 2019 08:58am

this is just lame excuse to grab money from those who have earned it, it is my right to keep my money in any currency i want

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LAHORI KID

Apr 08, 2019 09:28am

Its only $270.000 but a step non the less

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zam

Apr 08, 2019 09:30am

This will only create more chaos in the foreign exchange market and further depreciate the Rs. There has to be ready access to and movement of capital - otherwise, it is not possible to attract external or internal investment. The kind of "hoarding" and speculative trading in currency is a result of missteps and scaremongering statements being issued by the PTI administration, and bad policies such as tightening such regulations that now for all practical purposes suspends the free flow of capital.

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asgher

Apr 08, 2019 12:20pm

very clever and fast action from government. MoneyChangers license should be cancelled or heavy fine must be imposed on such actions.

Recommend 0

Apr 08, 2019 03:12pm

These money launderers are also cheaters who take money from client and remit only partial part when amount is bigger. If confidential helpline is started to report such fraudsters them many such criminals will be exposed.

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