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Wednesday, July 17, 2024  
11 Muharram 1446  

FIA recovers foreign currency worth millions from suspected hoarders

They were hoarding currency of several foreign countries
A Pakistani currency dealer counts US dollar notes at his shop — Reuters
A Pakistani currency dealer counts US dollar notes at his shop — Reuters

Amid a countrywide crackdown against currency hoarders, the Federal Investigation Agency Lahore recovered foreign currency worth more than Rs15 million and Rs68.1 million local currency from suspected hoarders.

The investigation agency arrested three suspects, identified as Mazhar Shafqat, Zeeshan and Salman from Circular Road in Lahore while raids are being carried out to arrest Azhar Shafqat, the prime suspect.

The FIA recovered $4,655, 16,015 Euros, 17,740 UAE Dirham, 49,362 Saudi Riyal, 790 Canadian dollars, 2,650 Turkish Lira and 4,880 British Pounds from the suspects.

According to the FIA, the suspects were dealing in the currency on a private basis after their exchange licence was revoked. They were earlier dealing in the currency market through the Omega Money Exchange.

On September 10, the FIA Multan recovered SR100,000 from a suspected currency smuggler during an operation as the authorities intensified the crackdown against currency hoarders.

Identified as Mohammad Aleem, the accused was a resident of Okara, Punjab and was travelling to Quetta when the FIA recovered the foreign currency during an operation at the Ghazi Ghat checkpost in Punjab.

Amid an exorbitant increase in the value of the dollar, the authorities launched a massive crackdown against the hoarding of dollars, sources said.

Reports also circulated that the authorities were planning to scan bank lockers using special devices across the country, however, officials from the State Bank of Pakistan and FIA clarified that reports about scanning bank lockers were false.

“The SBP has not initiated any such move, nor is it possible to scan lockers from the outside,” Dawn newspaper quoted the SBP’s chief spokesperson as saying.

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