FIA arrests suspect in illegal currency exchange crackdown in Karachi, seizes $16,000

The Federal Investigation Agency (FIA) Karachi Zone has intensified its crackdown on illegal currency exchange activities, arresting a suspect involved in unlawful money-changing operations. 

As per reports, Muhammad Konain was apprehended by the FIA Commercial Banking Circle in Karachi’s PECHS area. During the operation, officials recovered USD 16,000 from his possession, revealing that Konain was operating an unlicensed money-changing business, in violation of currency exchange regulations.

In addition to the foreign currency, FIA agents also seized a mobile phone and other evidence linking the suspect to the illegal currency exchange trade. Konain failed to provide a valid explanation for the recovered money and was promptly taken into custody for further investigation.

The FIA has confirmed that raids are ongoing to apprehend additional individuals connected to the illegal exchange network. The agency is continuing its crackdown on unlicensed money-changing operations to ensure stricter enforcement of the law and curb illegal financial activities in the region.