One held in crackdown on dollar hoarding

Published April 10, 2019
The Federal Investigation Agency (FIA) continued its crackdown against dollar hoarding, money laundering, hawala/hundi and illegal speculations regarding devaluation of the rupee and arrested one person from Islamabad besides seizing foreign currency worth Rs1 million. — AFP/File
The Federal Investigation Agency (FIA) continued its crackdown against dollar hoarding, money laundering, hawala/hundi and illegal speculations regarding devaluation of the rupee and arrested one person from Islamabad besides seizing foreign currency worth Rs1 million. — AFP/File

RAWALPINDI: The Federal Investigation Agency (FIA) continued its crackdown against dollar hoarding, money laundering, hawala/hundi and illegal speculations regarding devaluation of the rupee and arrested one person from Islamabad besides seizing foreign currency worth Rs1 million.

Read: Govt announces crackdown as dollars vanish in open market

FIA Islamabad Director Wisal Fakhar Sultan had issued directions to the commercial banking circle to take action against all those involved in the illegal business.

The FIA raided an illegal money exchange — TT&DD Currency Exchange — at Aneeq Arcade, I-8 Markaz, and recovered Rs4,061,250, UAE dirham 33,295, $3,800, £2,500, Australian dollars 300, Qatari riyals 300, 1,805 euros and Saudi Riyals 1,610.

The FIA arrested Shahnawaz Khan and also confiscated receipts, registers and a computer which were being used in the illegal sale and purchase of foreign currency.

An FIR was registered against the money changer and an investigation launched.

In a similar crackdown, the FIA team impounded a vehicle from Peshawar Road in Rawalpindi and recovered foreign currency worth Rs2.4 million from it.

A senior FIA official said the crackdown against dollar hoarding and money laundering would continue.

In line with the federal government’s directives, the FIA Punjab also launched a crackdown against dollar hoarding in the province.

Published in Dawn, April 10th, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Injustice undone
Updated 13 Jul, 2024

Injustice undone

The SC verdict is a stunning reversal of fortunes for a party that was, both before and after general elections, being treated as a defunct entity.
Looming flour shortage
13 Jul, 2024

Looming flour shortage

FOR once, it is hard to argue against the reason that compelled flour mills to call a nationwide strike from...
Same old script
13 Jul, 2024

Same old script

WHEN it comes to the troubling issue of enforced disappearances/ missing persons — either Baloch or belonging to...
Misery and despair
Updated 12 Jul, 2024

Misery and despair

Is a life lived happily and respectably too much to ask for from your country?
Temporary extension
12 Jul, 2024

Temporary extension

THE cabinet’s decision to allow ‘legal’ Afghan refugees — meaning those with Proof of Registration cards —...
Anti-smog strategy
12 Jul, 2024

Anti-smog strategy

BY acknowledging that smog is a year-round problem, and not just a winter issue, the Punjab government has taken the...