Karachi — The Federal Investigation Agency (FIA) has seized foreign currency worth approximately Rs2.89 billion during a major operation against illegal hawala and hundi networks in Karachi, officials confirmed on Sunday.
According to the FIA, the raid was conducted by the Commercial Banking Circle as part of an ongoing nationwide crackdown on unlawful foreign exchange and informal money transfer systems. The operation was carried out under the directives of the Director Karachi Zone and supervised by a deputy director.
A suspect identified as Abdul Rehman, son of Sultan Muhammad, was arrested from the Mochko Police Station area during the raid. Authorities recovered Iranian currency equivalent to around Rs2.89 billion from his possession.
Officials also confiscated a mobile phone containing records of suspected illegal transactions. Preliminary analysis of the device reportedly revealed evidence of foreign currency trading along with hawala and hundi-related activities.
The seized currency, suspect, and digital evidence have been transferred to the FIA Commercial Banking Circle in Karachi for further investigation. Authorities said inquiries are ongoing to trace the broader network involved in the illegal financial operations.
Part of Nationwide Crackdown
The operation is part of a broader enforcement drive against money laundering and informal financial channels across Pakistan. Authorities have reiterated that illegal hawala and hundi systems will not be tolerated under any circumstances.
In a recent high-level meeting, officials also approved the formation of a joint working group comprising the State Bank of Pakistan and FIA to monitor and strengthen efforts aimed at curbing illegal financial flows.
The group will regularly review progress and coordinate strategies to combat illicit currency transfers and ensure compliance with financial regulations.
Strengthening Financial Oversight
Officials emphasized that the crackdown aims to protect Pakistan’s formal financial system and prevent misuse of foreign exchange channels. Authorities believe sustained enforcement actions will help reduce undocumented capital flows and improve transparency in the economy.
Investigations into the Karachi case are ongoing, with further arrests and disclosures expected as authorities continue to dismantle illegal networks operating across the country.