PESHAWAR: The Federal Investigation Agency’s Commercial Banking Circle (CBC) on Wednesday arrested three persons for being involved in Hundi-Hawala (illegal money exchange) business in Malakand district.

Officials said that separate raids were carried out in Dargai area of the district on a tip-off.

“We arrested three persons and recovered Rs2.9 million from them,” a senior FIA official said, adding that the team also recovered receipts used for running the illegal business.

The official said that Rs1.4 was recovered from a man, namely Sudaiz, Rs0.6 million from Zar Mohammad, and Rs0.9 million were seized from Faizan.

According to the FIA official, cases were registered against the three accused persons under the relevant sections of the Foreign Exchange Regulation Act, 1947.

On February 10, CBC had arrested five persons for their involvement in Hundi-Hawala business from Chowk Yadgar area of the provincial capital and recovered Rs30.2 million from their possession.

Published in Dawn, March 16th, 2023