FIA Cracks Down on Illegal Currency Exchange in Swabi and Peshawar

On May 19, 2024, the Financial Investigation Agency (FIA) carried out a series of operations targeting illegal currency exchange activities in Swabi and Peshawar. The operations were aimed at curbing activities such as Hawala, Hundi, and unauthorized currency exchange, which pose a threat to the financial system.

Five suspects, namely Khalid Khan, Shayaz Khan, Shoaib, Asghar, and Amjad Ali, were arrested during the raids conducted by the Commercial Banking Circle Peshawar. These individuals were found engaging in currency exchange businesses without the required licenses, operating from locations like Din Trade Center, Sadar area of Peshawar, and Lower Dir.

Authorities seized a substantial amount of both domestic and foreign currency from the suspects. The recovered money included over 48,56000 Pakistani rupees, 355 UAE Dirhams, 115 Saudi Riyals, 20 US Dollars, and 550 Ringgits in foreign currency.

The suspects were unable to provide satisfactory explanations regarding the sources of the currency in their possession. Furthermore, evidence linking them to illegal currency exchange activities was discovered, leading to ongoing investigations by the authorities.

A spokesperson for the FIA confirmed that efforts are being made to apprehend other individuals involved in similar unlawful practices. The agency remains dedicated to combating financial crimes and ensuring the integrity of the financial system.

The crackdown on illegal currency exchange activities in Swabi and Peshawar highlights the importance of adhering to regulations and obtaining proper licenses for financial transactions. It serves as a reminder that engaging in unauthorized currency exchange can have serious legal consequences. The FIA's proactive measures demonstrate a commitment to maintaining a transparent and secure financial environment for all citizens.