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FIA busts illegal currency exchange racket

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FIA busts illegal currency exchange racket
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KARACHI: Federal Investigation Agency (FIA) has arrested man involved in illegal currency exchange operations, recovering foreign currency worth millions of rupees.

Suspect, identified as Muhammad Shehzad, was apprehended during raid in Federal B Area by FIA’s State Bank Circle following tip-off, as reported. According to FIA officials, raid resulted in seizure of $ 45,000, equivalent to over Rs 11.5 million.  Muhammad Shehzad was caught red-handed while conducting illegal currency transactions. Further investigation revealed that Muhammad Shehzad was running an unlicensed currency exchange business. Authorities also recovered records related to his illegal operations. Suspect was unable to provide satisfactory explanations regarding recovered currency and has been detained for further questioning.

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