KARACHI: A sessions court has sentenced a man to one-year imprisonment in a case pertaining to illegal foreign currency trade.

Additional District and Sessions Judge (South) Syed Waqar Hyder found Muhammad Imran, said to be an ex-employee of a forex firm, guilty of illegally trading foreign currencies, including US and Canadian dollars, dirham and British pounds from his office near I.I. Chundrigar Road in 2022.

According to state prosecutor Shehzad Javed, the Federal Investigation Agency (FIA) had received information that Imran was engaged in the illegal trade of foreign currency without authorisation from the State Bank of Pakistan under the garb of M/s Impressive Pharma at his office in Techno City on I.I. Chundrigar Road.

In December 2022, an FIA team raided the premises, arrested the accused and recovered over Rs1 million in local currency, $19,200, 500 Canadian dollars, 15,300 dirhams and 500 UK Pounds.

The court noted that the accused neither produced any documentary evidence nor provided any explanation for possessing the foreign currency.

It observed that, under the law, if the purpose for obtaining foreign currency is accomplished or otherwise, the remaining amount must be deposited within three months with the State Bank of Pakistan or an authorised dealer.

However, the accused neither approached any forum nor produced any record in this regard, which prima facie showed a violation of Section 4(3) of the Foreign Exchange Regulation Act, 1947, the verdict said.

However, it noted that “no material cogent or trustworthy evidence has come on record to establish the involvement of the accused in any Hawala / Hundi transaction”.

Published in Dawn, May 7th, 2026