FIA seizes Rs420 million in crackdown against hundi, hawala dealers in Karachi

Published April 12, 2019
FIA says "another major exchange company, similar to Khanani and Kalia International, is operating out of Dubai." ─ DawnNewsTV/File
FIA says "another major exchange company, similar to Khanani and Kalia International, is operating out of Dubai." ─ DawnNewsTV/File

The Federal Investigation Agency (FIA) on Friday confiscated Rs420 million in cash and arrested three suspects in Karachi as part of its crackdown against hundi and hawala dealers.

FIA Director Sultan Khawaja held a press conference where he said that FIA Sindh raided two centres of hundi and hawala activities, seizing hundreds of millions and detaining a trio of suspects, who were identified as Mohammad Rizwan, Kamran and Imran.

"Another major exchange company, similar to Khanani and Kalia International (KKI), is operating out of Dubai," the FIA official said, adding that the owner of the said company goes by his alias 'Rangila'.

It is pertinent to mention here that the now-defunct KKI was one of the largest and most sophisticated exchange companies in Pakistan. It infamously ran a parallel money transfer system for purposes of transferring money out of the country through illegal hundi/hawala channels.

Khawaja further said that "the illegal outflow of money from the country can be stopped by centralising the money trail."

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
22 Nov, 2024

Kurram atrocity

WITH the situation in KP’s Kurram tribal district already volatile for the past several months, the murderous...
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...