PESHAWAR: The Federal Investigation Agency has arrested four persons in different raids during the last 48 hours for their alleged involvement in running illegal currency business.

FIA officials told Dawn that the agency received information about Risat Khan, who was running hundi hawala business and parallel banking without any authority in Ashraf Road area in the provincial capital.

They said that Rs15.5 million were recovered from the accused and a case was registered against him under the Foreign Exchange Regulation Act at FIA’s commercial banking circle.

The officials added that raids were also carried out at three different locations in Timergara, Lower Dir, on Thursday, where three persons were arrested for being involved in illegal currency business.

Azizullah was arrested in the first raid and Rs2.5 million were recovered from his possession. In the other two raids Attaur Rehman was arrested along with 41,000 Saudi riyal, 5,505 UAE dirham and Rs442,500, while Mohammad Ibrar was arrested along with Rs390,000 and hundi hawala receipts.

Separate cases have been registered against the accused persons under the Foreign Exchange Regulation Act.

Published in Dawn, June 10th, 2023