KARACHI: A sessions court has dismissed the bail application of a man in a case pertaining to illegal trading of foreign currency.

The Corporate Crime Circle of the Federal Investigation Agency (FIA) had raided an apartment near Do Talwar and apprehended the suspect, Anthony — a Pakistani national — for allegedly engaging in illegal trading of foreign currency.

The agency recovered $13,500, along with Iraqi dinars, prize bonds and local currency, from the suspect, while electronic devices were also seized.

The FIA registered a case against the suspect under Sections 4/23 of the Foreign Exchange Regulation Act, 1947, read with Section 109 (abetment) of the Pakistan Penal Code.

The suspect later filed an application before District and Sessions Judge (South) Zahoor Ahmed Hakro, seeking post-arrest bail in the case.

After hearing the defence counsel and prosecutor, the court rejected the bail plea, observing that a deeper scrutiny of the electronic devices seized from the suspect was underway and that his early release would likely prejudice the investigation.

The court further noted that he might tamper with evidence or sever links in the network yet to be unearthed.

In its order, the court noted that the suspect had failed to furnish any justification or documentary evidence to show that he was in lawful possession of the foreign currency.

Responding to the defence counsel’s contention that the suspect could legally keep $10,000 in his possession, the court observed: “No doubt the accused could keep foreign currency in his possession, but he has to explain and justify such possession, including where he obtained such foreign currency. The accused has not submitted any receipt or document to show that he obtained such foreign currency through legal channels.”

The defence also alleged that the FIA had not properly conducted the inquiry and, had it done so, the accused could have produced documentary evidence or explained the possession of such foreign currency.

However, the court noted that the contents of the FIR show that the suspect was questioned during initial interrogation, but he failed to justify the possession of foreign currency, adding that even at this stage, the suspect has not submitted any documents or receipts to show that he was in possession of currency in accordance with the instructions of the State Bank of Pakistan.

“It appears from the record that the raiding team obtained search warrant as required under Section 19(3) of the Foreign Exchange Regulation Act, 1947; therefore, the recovery cannot be said to be in violation of law.

Published in Dawn, June 26 , 2026