KARACHI: In a major breakthrough against illegal monetary channels, the Federal Investigation Agency (FIA) Commercial Banks Circle Karachi has arrested a private bank manager for his alleged involvement in a massive hundi-hawala network.
According to an FIA spokesperson, the suspect, identified as Muhammad Saqib, was serving as a branch manager at a private microfinance bank. He was apprehended during a targeted operation in the Badar Commercial Area of DHA, Karachi.
The Investigation and Arrest
The arrest was executed following a meticulous investigation based on intelligence-led reports, technical analysis, detailed financial scrutiny, and key disclosures made by previously arrested suspects. During the raid, authorities recovered significant digital and documentary evidence from the suspect’s possession, directly linking him to illegal hundi-hawala operations.
Facilitating Billions in Illegal Transactions
Preliminary investigations reveal that the accused utilized multiple bank accounts to facilitate illegal transactions worth billions of rupees.
Modus Operandi: The bank manager reportedly received a fixed commission for every Rs. 10 million (1 crore) deposited through his facilitated channels.
The seized evidence includes detailed bank account statements, transaction logs, digital communications, and other incriminating materials.
Ongoing Crackdown
The FIA spokesperson stated that further investigations and digital forensic analyses are underway. Raids are actively being conducted to round up other facilitators and members of the network. The agency reiterated its commitment to continuing indiscriminate operations against elements damaging the national economy and operating illegal financial networks.
