Karachi (TDI): The Federal Investigation Agency (FIA) has busted an illegal currency exchange ring in Karachi.
The FIA’s Corporate Crime Circle raided a jeweller’s Corporate Crime Circle shop on Thursday, where an illegal currency exchange was being operated.
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During a recent raid, the FIA seized $40,000, Rs2.3 million, and apprehended two individuals allegedly involved in illegal currency and gold exchange activities.
FIA Karachi Director Nauman Siddiqui identified the suspects as Mumtaz Shaukat, the shop’s owner, and his associate Khalid Ayub.
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According to FIA officials, the duo was engaged in the unauthorized trading of foreign currency and gold, operating without the required licenses and violating financial regulations.
Authorities have registered a case against the suspects, and further investigations are underway to uncover additional details about their activities.
