KARACHI: Federal Investigation Agency (FIA) Commercial Bank Circle (CBC) has arrested four employees in different raids of M/s KGN International, and M/s Saqib Prize Bonds involved in the selling of foreign currency illegally and Hawala and Hundi.
According to the FIA officials accused were involved in illegal business of sale, purchase of foreign currency.
Earlier, FIA-CBC conducted a raid at a shop, No.501, 5th Floor, Gul Court Market, M.A Jinnah Road, Karachi and M/s KGN International, office No.404, Saima Trade Tower, I.I Chundrigar Road, Karachi and arrested accused Naveed s/o Muhammad Sadiq, Fareed Muhammad Shahid s/o Muhammad Shahid, Muhammad Sadiq s/o Muhammad Rafique.
During the raid, FIA recovered hard copies of TTs, deposit slips of RMB, soft copies of TTs, deposit slips in WhatsApp messages, cell phones, laptops, registers, chits for recording Hawala entries, hard copies of TTs / deposit slips of foreign banks and Rs2,582,840 in cash.
A First Investigation Report (FIR) has been registered and further investigation is going on.
Moreover, another raid was conducted by FIA-CBC, Karachi at Shop No.08, Boulton Market Karachi and arrested accused Shehryar s/o Merajuddin of M/s. Saqib Prize Bond.
The accused was running his business of sale, purchase of local as well as foreign currencies without a license, while large amounts of local and foreign currency were recovered from his possession.