Pakistan launches crackdown on illegal currency business

LAHORE: The Federal Investigation Agency (FIA), Lahore has arrested two persons accused of running an illegal currency business and initiated an interrogation regarding their alleged involvement into laundering millions of rupees abroad.

The FIA has launched a countrywide crackdown against those running a business of ‘Hundi’ and illegal business of currency transfer. As a result, two persons allegedly carrying on illegal business of currency transfer locally known as ‘Hundi’ have been arrested from Gujranwala and shifted to FIA Lahore Headquarter for interrogation.

Assistant Director FIA, Arif Aiwan arrested two persons, Naimatullah (Manager) and Tariq Mehmood (Cashier) associated with a local forex company.

Director General FIA, Tariq Pervez says on the directive of Federal Government some of the persons involved in creating economic crisis in the country were arrested after they were identified.

Talking to Geo News, he said Javed Khanani was arrested from Lahore while Manaf Kalia from Karachi.

He said two persons Rustam Ali Khan and Tariq Mehmood were arrested from Khanani and Kalia’s franchised companies Duniya Enterprises

DG FIA Tariq Pervez said important evidence has been collected in the ongoing operation including computerized database, documents and large amounts of currencies.

He said further investigation is underway after lodging a case in this connection at FIA Gujranwala Region.

LAHORE: FIA has arrested the owners of a money exchange company, Munaf Kalia, Yusuf Kalia and their associates from Karachi and Lahore on the charge of illegally remitting from the country millions of dollars abroad.

Sources said that Munaf Kalia and his associates have been charged for illegally transferring from the country $10 billion abroad. Company’s partner, Anis Rajput, director, Javed Khanani and Saleem US were included among other arrested accused.

Munaf Kalia is being grilled in the FIA Headquarters. However, the administration was avoiding giving any details about this matter. On the other hand, Forex Market Association has called for an emergent meeting in the backdrop of these arrests.

KARACHI: The owner of a local money exchange company, Munaf Kalia has been reportedly arrested.

Sources said that Munaf Kalia and his associates have been charged for illegally remitting abroad $10 billion from the country. On the other hand, Forex Market Association has called for an emergent meeting at 2.30 P.M. today for mulling over the emanating situation.

KARACHI: The market turnover hit its lowest at Karachi Stock Exchange (KSE) this week as the news of new president’s election in the United States failed to prompt investment activity.

The investors continued to adopt caution due to the presence of lower cap on the benchmark KSE-100 Index.

The turnover was seen at its lowest level at 78,500 shares on the last trading day of the week and the Index witnessing no change closed at 9,183 points.

Analysts believed that activation of market support funds could breath new life into the current almost stagnant market activity.