KARACHI: The Commercial Banking Circle of the Federal Investigation Agency (FIA) has busted a significant illegal money laundering network, arresting the Chief Financial Officer (CFO) of a prominent advertising agency.
According to an FIA spokesperson, the operation was part of an ongoing investigation into FIR No. 10/2026. The probe revealed a sophisticated Hawala/Hundi network used by the advertising firm to move massive sums of money to foreign accounts through unregulated channels.
The investigation confirmed that approximately 9 million UAE Dirhams (estimated at Rs. 735 million) were transferred via these illegal channels. The company’s CFO was taken into custody after initial evidence linked him directly to the transactions, which bypassed official banking legalities and caused significant losses to the national exchequer.
The FIA is currently scrutinizing financial records and digital evidence to map out the entire network. Raids are being conducted to apprehend other facilitators and accomplices involved in this trans-border financial crime. The arrested suspect remains in FIA custody for further interrogation as the agency looks to uncover more beneficiaries of this illegal scheme.
