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

Ultimate price
Updated 02 Nov, 2024

Ultimate price

To dismantle culture of impunity for crimes against journalists, state must ensure that perpetrators do not go unpunished.
Mastung bombing
02 Nov, 2024

Mastung bombing

INSTABILITY continues to haunt Balochistan, as Friday morning’s bombing in Mastung has shown. At least nine...
Plane speak
02 Nov, 2024

Plane speak

DESPITE all its efforts to facilitate PIA’s privatisation, it seems the government only ended up being taken for a...
Seeking investment
Updated 01 Nov, 2024

Seeking investment

Foreign visits will be fruitless unless crucial structural, policy reforms directly affecting investors are focused.
State-backed terror
01 Nov, 2024

State-backed terror

OVER the past year or so, India’s reportedly malign activities in foreign countries have increasingly come under the radar, with
Shared crisis
01 Nov, 2024

Shared crisis

WITH Lahore experiencing unprecedented levels of smog, the Punjab government has announced a series of “green...