KARACHI, Jan 6: A foreign exchange company was deprived of Rs150 million by two security guards along with their three accomplices in an armed hold-up at Saima Trade Towers situated on I. I. Chundrigar Road on Sunday.

A similar robbery was held at the same location about nine months ago when another exchange company was also looted by security guards. However, the earlier heist was carried out at night while Sunday’s hold-up occurred in broad daylight.

A senior police officer said that the exchange company (Continental Exchange Company) used to transport its cash from different cities of Punjab through different flights to Karachi.

On Sunday cash — comprising both foreign and local currency worth around Rs120.5 to Rs150 million — was being transferred from Rawalpindi to Karachi at around 11.30am.

For the transportation of the cash, the exchange company used its armoured vehicle, which was manned by driver Mohammad Riaz, cashier Iqbal and two guards. They brought the cash from the airport to its offices at Saima Trade Towers.

Describing the incident, SSP Investigation South SP Niaz Khosa told Dawn that as the driver was parking the vehicle close to the office, he noticed three persons sitting in the parking area and asked the office guards about their presence.

“The two security guards, Noorul Khan and Hameedullah, who were posted to guard the office, replied that they were their guests,” SP Khosa said.

However, before the cash could be shifted to the office, Noorul Khan and Hameedullah, with the help of their three accomplices, held the four employees of the company at gunpoint and locked the driver and cashier in the armoured vehicle while the two accompanying guards were locked in the strong-room of the exchange company.

The five suspects shifted the cash from the armoured vehicle into a white KIA Sportage make jeep, which was already parked in the floor, before fleeing with the cash.

The exchange company office is located on the second floor of the parking area, police said.

Both the security guards, Noorul Khan and Hameedullah, belong to North Waziristan and were recruited to the private security company (Silver Eagle) in September and October 2007, respectively.

“Interestingly, the security agency has their original identity cards bearing the address of North Waziristan, but didn’t bother to verify the addresses, nor were any references demanded from the guards at the time of hiring,” SP Khosa pointed out.

The owners of the exchange company told police that the cash was not insured as insurance companies were unwilling to assure such a significant amount.

Following the robbery, raiding parties of police were dispatched to all the bus terminus of the city and checking was beefed up at the exit points of Karachi and railway stations.

It may be pertinent to mention that over a year ago, customs had seized Rs730 million being transferred from Karachi to Dubai by the owners of the same exchange company.

A counter-terrorism expert was of the view that if the addresses mentioned in their identity cards are real, the cash — to the tune of Rs150 million — could further be used to fuel the on-going insurgency in Waziristan.

However, verification of the identity cards from Nadra is of vital importance as it would help establish the identities of both the accused, he asserted.