KARACHI: The Federal Investigation Agency (FIA) State Bank Circle has intensified its crackdown on illegal foreign exchange operators, recovering millions in Iranian Rials and Pakistani Rupees during a targeted raid in the city.
The Operation
Acting on the directives of Director FIA Karachi Zone, Munzir Mehdi, a specialized team under the supervision of the Deputy Director State Bank Circle conducted a raid in the Kharadar area. During the operation, a suspect identified as Muhammad Hanif, son of Umar Farooq, was apprehended for his alleged involvement in the illegal purchase and sale of foreign currency.
Seizures and Evidence
The FIA team recovered a significant amount of local and foreign currency from the suspect’s possession, including 940 Million Iranian Rials, 3.7 Million Pakistani Rupees (PKR), and mobile phones used for illicit transactions.
Legal Action
According to an FIA spokesperson, the suspect confessed during initial interrogation to running a currency exchange business without the mandatory permission or license from the State Bank of Pakistan. An First Information Report (FIR No. 02/2026) has been registered against the accused. Further investigations are underway to identify other members of the network.
Commitment to Economic Security
The FIA spokesperson reiterated that operations against illegal currency dealers and elements damaging the national economy have been accelerated across the city to ensure financial stability and legal compliance.
