The Commercial Banking Circle (CBC) of the Federal Investigation Agency (FIA) has arrested four suspects in Karachi for alleged illegal currency dealing, media reported on Thursday.
The operation was carried out in the parking area of Aga Khan University Hospital. The arrested individuals were identified as Muhammad Babar Dosani, Yaqoob Patel, Ahmar Hussain Khan and Kashif Ashraf.
FIA officials recovered US$22,000 and four million Iranian rials from the suspects. Mobile phones were also seized, as they are believed to contain evidence related to the alleged currency dealings.
The suspects and the recovered currency were moved to the FIA CBC police station in Karachi. A case has been registered in connection with the matter, naming five individuals.
Yesterday, FIA arrested five people, including a private bank branch manager, during a raid in the Federal B Area in Karachi on allegations of illegal currency exchange and hundi-hawala operations.
The suspects, identified as Farhan Ahmed, Faisal Ahmed, Kashif Alvi, Muhammad Naseem and Junaid Ahmed, were arrested under Inquiry No. 107/2026, according to an FIA spokesperson.
Officials seized 300,000 Saudi riyals, seven smart devices and mobile phones, and cheque books, while digital records allegedly contained WhatsApp chats, ledgers and financial transactions linked to the network.
The FIA is investigating facilitators and transaction sources of the network, while proceedings to register a case under the Foreign Exchange Regulation Act and other relevant laws are underway.
