Two held for illegally dealing in foreign currency

In a decisive move against an inter-provincial group involved in the illicit purchase of US dollars, the Federal Investigation Agency's (FIA) Anti-Corruption Circle Karachi conducted a raid on Thursday, resulting in the recovery of millions of rupees worth of the foreign currency.

Officials disclosed that, acting on the directives of Director Karachi Zone Zaim Iqbal Sheikh, the raiding team, led by Additional Director Anti-Corruption Circle Karachi Javed Baloch, carried out the operation. The illegal outlet near Five Star Chowrangi, North Nazimabad, became the focal point of the raid, leading to the apprehension of two suspects engaged in the unauthorised purchase of US dollars, identified as Chaudhry Nazir and Syed Waseem Ahmed.

The accused were reportedly involved in the acquisition of foreign currency without the requisite approval from the State Bank of Pakistan. Preliminary investigations revealed that the suspects were selling US dollars in the open market at a discounted rate, Rs15 less than the rate. The raid resulted in the recovery of $5,000 from the arrested individuals, who are believed to have unlawfully dispensed over $100,000 in currency.

In line with FIA Director Zaim Iqbal Sheikh's directives, additional raiding teams had been constituted to apprehend the main accused and other operatives associated with the gang. The prime suspect hailed from Rajanpur District, Punjab. The FIA officially registered a case against the accused.