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KARACHI: The Federal Investigation Agency (FIA) has seized over Rs15 million (US$55,000) in foreign currency during an operation against illegal hawala-hundi and unlicensed currency exchange businesses in Karachi.
According to an FIA spokesperson, the State Bank Circle team conducted the raid in Clifton on the instructions of the Director General FIA and arrested a suspect, Bilal Saleem, for operating an unauthorized money exchange business.
The FIA recovered $55,000, multiple mobile phones, and documents related to unlawful transactions. The suspect failed to justify the possession of the seized currency. A case has been registered, and further raids are underway to arrest his accomplices.
