FIA seizes Rs25 million in hawala-hundi network bust

• Five suspects held for illegal currency transfers.
• Authorities recover Rs22.5mn in first raid at a building.
• FIA seizes 117 signed cheques, prize bonds in two raids.

KARACHI: In a significant move against illegal financial activities, the Federal Investigation Agency (FIA) conducted three early morning raids in Karachi on Thursday, targeting hawala-hundi operators.

The raids led to the seizure of Rs25 million in cash, along with prize bonds, cheques, computers, and mobile phones, the agency said.

It added that five suspects were arrested in connection with the illegal currency transfers.

According to FIA Karachi Director Nauman Siddiqui, the FIA’s Corporate Crime Circle led the operations. The first raid took place at a building on Shahrah-e-Millat, where officials apprehended Asif Ashraf, a travel agency owner, and hawala dealer Shayan Wahid.

Authorities recovered Rs22.5 million in cash, mobile phones, laptops, and documents detailing hawala-hundi transactions from the suspects.

Two additional raids, executed under court orders, took place in Garden West and Sharfabad areas.

Here, the FIA seized 117 signed cheques, prize bonds worth Rs61,000, and Rs4.7 million in cash. Two laptops, two computers, seven mobile phones, and other records related to hawala-hundi were also confiscated.

Further investigations revealed that suspects Muhammad Owais, Aqeel Sameer, and Javed were managing a hawala setup, transferring funds and making payments through a benami (undisclosed) company using third-party accounts.